kar-ry on....dreaming !!, page-11

ALAN KOHLER: How do those indications compare with the original north west shelf discovery that Woodside found?

BOB HOSKING: They are comparable, yeah.

ALAN KOHLER: Because some people calling Karoon the new Woodside?

BOB HOSKING: Yeah, well we would hope that we've got that potential, Alan, yeah.

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Here's a translation for the uninitiated to NW Shelf.

NWS: Is a JV betn 6 consortium's located offshore in the Carnarvon Basin which is South of Browse basin.

- The 6 players are Woodside, BHP, BP, Chevron, Shell & MIMI (Mitsui-Mitsubishi JV) each with 16.7% interest. (i.e. 1/6th). Woodside are the Operator.

- It has Gas Reserves of 33 TCF.

- Uses 2 platforms (Goodwyn & North Rankin 'A' NRA) & an FPSO - the Cossack Pioneer. A 3rd platform NRB is being commissioned by 2013 & will target low pressure gas.

- Has long term gas sales/ LNG contract in place, besides catering to domestic market in WA.

- Majority of the gas (90%) is for large scale industrial sector while the resst caters to the residential market & light industrial mkt.
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Time will tell how well Karoon's current estimates of 20 TCF compares against 33 Tcf of 6 big-players. Hopefully by Nov-Dec. In the meantime, its all about In-ground Reserves!! Production, development & marketing is slated for 2013.

For now, its time to KAR-ry on Dreamin'!!