triage,
thanks for those snippets mate. awesome.
BOW holding on such a crappy day gives rise to some optimisim. Maybe its worthwhile studying again in detail why BOW might be worth a solid punt. I just want to hear about gas break through and progress on the pilots. Is that too much too ask :(
jt,
LNG have stuffed some more time under their belts adn extended the lease on the 3mtpa site by 12 months. I think they announced this last month.
LNG grabbed a 5% stake in MEL last year pushing the sp into the 40s.
BOW and LNG both unilaterally terminated the discussions on commercialisation about mid-late last year.
Shell might be looking for additional reserves. All of the Surat high margin stuff is gone - not out of their reach - but in the hands of much larger multis.
Shells options left are:
BOW
MEL
BUL
WCL
AGK
Interestingly, Shell has substantial positions in the Clarence Moreton and Bowen basins that are adjacent to all of the above players; with the exception of Westside. Westside is more likely to strike a GSA with BG I believe.
BG has been certainly transmitting that while they are interested in more offtake deals, they are less interested in establishing upstream fields and might prefer to take 3rd party gas. I think its still a possibility that they might be acquisitive as it is in their interest to communciate otherwise.
Cheers,
SF
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