The Poseidon-1 well in the Browse Basin, which holds more than a third of Australia’s known offshore gas resources, will be plugged and abandoned after a fault made it impossible to conduct planned production tests, the Mt Martha, Victoria state- based explorer said in a statement today. A mechanical failure while attempting to retrieve equipment resulted in the well being “irreparably plugged.”
“It is never good to have that outcome but I think they have well and truly demonstrated that they have got something very substantial there,” said Peter Arden, a Melbourne-based analyst at Ord Minnett Ltd., an affiliate of JPMorgan Chase & Co. “They really just needed to get more testing out of it. I think the market has overreacted.”
Analysis of seismic and well results indicate the resource is likely to match or exceed pre-drill estimates of between 3 trillion and 15 trillion cubic feet of gas, the explorer said today. Planning has started for an appraisal of the Poseidon Field, Karoon Gas said.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aYpVmuhnAj3I
- Forums
- ASX - By Stock
- bloomberg analysis
The Poseidon-1 well in the Browse Basin, which holds more than a...
-
- There are more pages in this discussion • 2 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add KAR (ASX) to my watchlist
(20min delay)
|
|||||
Last
$1.65 |
Change
0.035(2.17%) |
Mkt cap ! $1.281B |
Open | High | Low | Value | Volume |
$1.68 | $1.69 | $1.63 | $12.23M | 7.389M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
8 | 228084 | $1.64 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$1.65 | 78806 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
4 | 110097 | 1.640 |
1 | 3000 | 1.635 |
4 | 32619 | 1.630 |
2 | 7211 | 1.625 |
7 | 20846 | 1.620 |
Price($) | Vol. | No. |
---|---|---|
1.655 | 7904 | 2 |
1.660 | 6104 | 1 |
1.665 | 6104 | 1 |
1.670 | 40094 | 4 |
1.675 | 6104 | 1 |
Last trade - 16.10pm 04/10/2024 (20 minute delay) ? |
Featured News
KAR (ASX) Chart |