Hi hippocket, What is happening in WCL Land, Great...

Hi hippocket, What is happening in WCL Land, Great Question
Should find out some big answers hopefully at AGM. But sure is quiet!!!

We should be updated about the flow rates for the new dual lateral production wells in Pretty Plains. Hopefully no new problems considering how long we waited for them to start production

Also should see how many more wells are going to be drilled at Pretty Plains plus how much to be allocated to increase production. They are trying to meet 25tj/day by end of 2012.

WCL will need to announce when they are starting the reserves expansion program to increase 2p reserves another 200pj gross to be completed by end of 2012. Also the costs involved.

We may also hear about the extra existing 19 wells that have been worked over the last few months.

Total daily production should also be mentioned. Would be nice to see 13 or 14 tj/day

Hope to see no protesters at the agm

Like to hear some more details on GSA's and some time lines

Also some news on the next capital raising timelines

Anyway let's just hope they announce something exciting unless it's going to be a long 2012.

Also i am looking forward to seeing who is the purchaser of Molopo's CSG assets over the next 6 weeks and to see if LNG Ltd announce where else the gas they need for their proposed plant is going to come from. LNG already have their stake in MEL but have stated they are looking at other suppliers as well.

I am sure someone at the agm will ask Julie or Angus at the agm about MPO. The answer will be " we look at every opportunity " One thing for sure is if WCL/Mitsui did put a bid in for MPO it would certainly give the certified reserves a huge lift. Then WCL might be taken seriously.

I might work out the reserves again and post later, actually i will do it now.

1p 2p 3p 3c
WCL 3.5 221 369 0
Mitsui 21 374 643 286
MPO 24 349 836 602

total 48 944 1848 888

That's some pretty impressive numbers i think. Angus mentioned he wanted to increase 3p. Great way to do it, depending on the cost.

If i just look at the Meridian field plus MPO's reserves it will look like this


1p 2p 3p 3c
WCL 3.5 221 261.5 0
Mitsui 3.5 212 251.5 0
MPO all 24 349 836 602

total 31 782 1349 602

That would be a big GSA ??? 782 pj at 2p at $5 dollars a GJ indexed to cpi for 20 years. A majority of MPOs certified reserves are at Mungi/ Harcourt area's. Which is right next to us. It will be interesting to see who is interested in these assets, but feels like we will only hear about the winner seeing it's a tender only process.

Also hears a new thought what would happen if a big lng player snapped up MPO, surely they would want WCL/Mitsu reserves plus production facility as well. Makes sense to me when you look at those reserves totals together. ESG is gone and BOW is allmost gone, who's left ???

WCL used to mention in their presentations that BG Group's train 3 was allmost sold and the gas had to come from somewhere!! Also BG have not taken out anyone else lately and from their presentations i have read, have some pretty big budgets each year.

It's just a thought thou what's everyone else thinking ????

Cheers