While we await the next announcement from MMR on PEP 11, BUY ain't holding back their views within the 1:10 rights issue release - "Bounty has seen major progress offshore Sydney Basin, where our partners have conclusively proved an active hydrocarbon gas generating system, the potential for major gas reserves in the range around 5 trillion cubic feet (TCF) and are close to contracting a semi submersible drill rig and funding for an exploration test well in the Fish-Baleen area about 20 kms offshore from Newcastle. The estimated well cost is $20 million."
An interesting snapshot and good to see PEP 11 is now "conclusively proved" as an active hydrocarbon gas generating system.
bullish on pep 11
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