Cooper is a big liability, wonder what our JV EWC thinks about the near 100million+ (since 2012) spent to get less than $300 of gas out the ground a day. Noting its at least 30% CO2 meaning a whole new processing plant, in order to tie in to the MAPS and or a new pipeline to Moomba, at least double the cost of the proposed AGIG plant, circa 50 to 100million.
I actively seek answers from STX and get no response on their S.A. assets.
Questions I have been asking:
- Status of R&D Debt ~14million owed (as to date the department has rejected their proposal that their work has been R&D, I understand we are fighting this, however it should remain a liability until it is declared otherwise)
- Outstanding obligations for pre-sold gas S.A. and W.A. (Adelaide Brighton etc.)
- Additional S.A. permit obligations, time frame and costs (6 Permit areas - with committed exploration and expenditure)
- Additional W.A. permit obligations, time frame and costs (7 Permit areas - with committed exploration and expenditure) - reason UIL sold and was worth so little is they were not going to be able to meet their commitments, can Strike?
- Farm-in status at Walyering and Ocean Hill?
Repeat of my unpopular post which fell very much on deaf ears:
Quote from Strike CEO in 2017 "Whether the long-term economics of an LNG import terminal can compete with the undeveloped east coast gas resources like ours, I'd be surprised,"Well I am surprised you are now in W.A. and have forgotten your promises and sales pitch on the Cooper Basin.Further: Mr Nicholls describes the Southern Cooper project as "probably the largest accessible undeveloped east coast gas resource at the moment" given the presence of the pipeline and processing infrastructure close by and technical confidence in the gas resource.Back in 2018 Cooper Basin PEL96, was the "Company Making", "Pioneering Project, has had its share of doubters", Well yes we all doubt it now as it seems it is no longer the focus of Strike, no longer the company maker, we are no where closer to commercial success than when we started exploration and production testing in 2013. There is a reason Beach has not invested any money in its 50% share of PEL94 and PEL95 since the Davenport and Marsden well failures in 2012 and 2014. Noting Jaws has now been operated and production tested for ~2 years, with the cost of the well and the cost to operate the well for over 2 years, commercial rates to book any type of resource will have to be in excess of 2 MMscf/d. Got to excuse the doubt about their capabilities and honesty, where the market is yet to received a statement from Strike about the commerciality of the Cooper Basin (over 7 years working the ground and not able to get commercial flow rates) "All going to plan, Strike hopes to declare the resource commercial in the June or September quarter of 2018.".
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