The big change in sentiment in the Perth Basin has been the discovery of the huge deep Permian gas accumulations that appear to possibly be basin wide . That has given a boost to small MC companies like NWE in particular have acreage that contain those prospects.
At this stage the shallower oil prospects have not had any new big discoveries .
There is a queue of gas prospects lined up for the only rig in the basin that has the capabilities to drill the deep prospects.
Cervantes being much shallower does not need such a big and expensive rig . I hope the rig operates well for RCMA and Cervantes gets drilled on time.
The sales pipeline for crude should be reestablished in the Perth Basin well before any production from Cervantes is available.
MEL Price at posting:
3.0¢ Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)