ensco109 - april status report

Ensco's April Status Report out.

ENSCO 109 KFELS MOD V-Super B350
ENI/Murphy/Vermillion/Santos
Low 180s Australia Aug. 13 plus approx. $5,000 per day for mobilization amortized to Apr. 13. Next to PTTEP Jun.
13 to Aug. 13, mid 190s. Plus one 1-well same rate option.


ENI's well option remains in place with handover tracking to now a more realistic date of August, noting PTTEP will need a successful drill to require ENSCO 109 through to August.

IMHO, ENI will use option to drill Evans Shoal, prove up the resource to then re-negotiate access to 109 to drill Blacdkwood in Q4 2013; last word from MEO Mgt is that ENI will drill Blackwood in 2013.

From a TS perspective, this timeline of close by drills could not work out any better. ES, already has commercial flows, and will be proved up resulting, imho, speculation re TS that will drive MEO SP into the Blackwood drill. All this MEO SP speculation will, imho, be well supported by ConocoPhillips 3 x drills commencing at circa, imho, the same time as Evan Shoals drilling.

imho, key drilling spudding is about another 4 months away. So potential TS equity partner(s) will, imho, start to circle in an ever increasing circle.

imho...

ADL