artemis...the hunt is on

Repost this again on the right thread.

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Artemis: Greek godess of Hunting & a proposed well (potential field) in Block WA-360P.

Good to see this moving up slowly, on a day when the most stks looked red.

Hopefully nxt week they'd update the mkt on the continuation of the bright spots in the adjacent block.

From the cross section on their last update yesterday, its apparent that the sands in MEO's block are thinner compared to Wheatstone, but if they cover a wider area, then it becomes an interesting proposition for the interested party.

Dont know who it is yet, but if the neighbours aren't keen, then who is? Lets have a stab at the rational behind this.

1) Perhaps, cashed up player like Sinopec, just like they did bail out AED & recently bought a 50% of NXS's LongTom. Oh BTW, both MEO & SPC are based in Mlbne, just a local call away (not that it really matters).

2) As for Woodside, they've clearly indicated that they need more gas for their Pluto LNG trains & were busy negotiating with their immediate neighbour Apache (to the South-West & not Chevron or MEO to the East). Apache have sufficient reserves in their Julimar & Brunello fields in block WA-354P. So applying this rational, one could rule out WPL, unless otherwise.

3) Which leaves the field open for Chevron. They are planning an aggressive Stage-2 drilling program of 12 wells in this region & more in their monster Gorgon field. So applying this rational one could say they may still b in the game, mayb.

4) Then we have the Clive Palmer connection. He has connections in HongKong, where money talks only if there is associated value.

5) In recent times, Chinese giants (Sinopec, CNPC & CNOOC) have been picking up fields in Canada & other countries, so they cant b ruled out, using the above rational.

Anyway, another 30 more days (or less) b4 all is revealed.

In the meantime, the seismic data-stiching should b on.

cheers

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Some notes on nearology, that I had posted sometime back.

Nearby Field Reserves:

Looking at the reserves for the nearby fields,

Chevron's (100%) Wheatstone & Iago field with 5.12 Tcf gas & 37.2 mmbbls Cond. & a higher Gas:Cond ratio (GCR)

Woodside's, Pluto & Xena: 5.125 Tcf gas + 5.06 mmbbls Cond.(almost dry gas, ie low GCR, about 10 bbls Cond/MMCF gas)

The net sands encountered at Wheatstone & Iago were 175' & 154' thick (ie apprx 60 & 50m) & in the earlier Pluto well about 110m (the later wells were all, sadly, dusters).

Should Artemis have 30m+ sands (with a higher Gas: Cond ratio), then it will add a lot of potential to either party.
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Also when u get a chance chk out WPL's Don Volte's preso to UBS late last month (21st June).

He has clearly mentioned, that 'size does matter when it comes to reserves' & how focussed they are in developing Pluto.

cheers