I think the move to appraise the resource upside range in MEL's Cooper Basin permits earlier than previously planned is a very good decision. If the JVP had proceeded to construct the pipeline and related surface facilities, prior to establishing a potential resource upside, and hence production upside, they would have undersized their production facilities which would have eroded project value. Deferral of the pipeline sizing decision etc is a wise move in my book. Narrow and nail down your gas resource volume range BEFORE, building your facilities. Dare I mention BYE's decision to build the GOM SM58 oil and gas platform, before knowing if the Lower O Sand was oil bearing............
Kind regards OldGeo
MEL Price at posting:
3.1¢ Sentiment: Hold Disclosure: Held
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