Hi Longt,As far as company makers go, WA-360-P and PEP-11 are to...

Hi Longt,

As far as company makers go, WA-360-P and PEP-11 are to me the highest impact drills to be done in Australian waters this year, maybe even the next 12 months. Both parties are targeting around the same volume of gas, MMR maybe a few TCF more.

MEO to me is a bit de-risked in that in the area is a known producer, MMR's patch is pure wildcat territory.

I'm a holder in both and i see some pretty major difference between the two.

With MMR you pay 0% CGT on all capital gains, if you hold for 1 second or 1 year and sell paying 0% CGT tax is sweet.

Like MEO when it run's it run's hard, but when MMR run's I feel it is generally a tighter held stock. Awesome stock to watch when it goes off.

Probably the biggest kicker is that Sydney has a lack of gas compared to W.A. There is a a massive ready to go target market, and the drill site is 50 Km off Newcastle, with enough gas to supply the whole of N.S.W for 25 years and 11 coal fired power stations could be shut down.

Hype on MMR recently has been on a reported offer to buy in on a 25% stake by an Indian state owned company (ONGC) for US$1 Billion, so it's not as there is no interest.

Oil has washed up in the past on Newcastle beach and research has showed it's coming from the sea floor. Gas has evidently been seen as well, so there is some promising indicators. Santos will be filthy if there is gas there, they let the field go without drilling a hole. Seismic's look good to me.

MEO will have it's day soon enough though.

Cheers all.