Based on a collection of information, including the recent exploration program and the release of information provided by PetroFrontier (PFC) last night, I would tend to expect a possible worst case scenario.
The exploration has not been as assumed; in fact the result based on interpretation (ASX reports) has been very ordinary at best. Would the likes of Statoil still pursuit this Georgina Basin venture on very average results to date or target its more lucrative prospects else ware.
No wonder PFC sought legal intervention with a friendly investment bank in the states, they must have known that the results would provide for a possible plug and abandoned whilst they await the CTP/Total results.
The big question remains, should the whole prospect as explored to date be plugged and abandoned for future evaluation and assessment, where does this leave this organization (BKP) and there Cray pots.
Another nail in the coffin, I think this may be the case.
BKP Price at posting:
0.3¢ Sentiment: None Disclosure: Held
