killer driller update, page-18

Following on from some of the previous thread discussion on reserve targets and where we are headed, I have typed up a little summary for myself to plan out my expectations. happy to share as I am already locked in for the long term with no capacity to expand in the near term : (

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ATP 1025
BLACKWATER Prospect

Coring - 7 cores + historical data completed over May through August 2009 targetting Rangal, BurnGrove and Fairhill measures with good intersects over the entire prospect.

3P Reserves - Intial reserves upgrade achieved on data alone and upgrade delivered at the immediate completion of the coring campaign to 559PJ only over Rangal. Probably due to the data from the May/June wells being submitted for upgrade immediately. Burngrove certification will add to this. Expect an initial upgrade for Burngrove before the end of the year. Expect further increase following Pilot completion in Q1/Q2 09 due to the nature of the tighter Burngrove coals. I note that BOW ann'd was going to be experimenting with some hydrofraccing to stimulate gas production in them.

Pilot - 9 wells for initial program all being conducted at < 300m rangal depths (interesting).

2P Reserves - Intial reserves in Q4 09 and larger uprgade following pilot in Q1/2 09.



COMET Prospect

CORING - 3 cores also targetting Rangal and Burngrove measures completed through August with all intesecting >22m of coal at depths ~200-600m.

3P Reserves - Expecting them in Q4 09. With further upgrades following Pilot.

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ATP 1031
NORWICH DYSART AND VERMONT Prospects

CORING - 7 cores targeting Fort Cooper, Moranbah and Rangal with drilling commencing about now.

3P Reserves - Q2 2010

PILOT - No plans announced as yet, however I would expect them to be announced early in the year given the current operational tempo BOW is keeping up.

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Time frames are all my opinion. To me it looks like a solid rolling seqence of reserve upgrades through to mid next year. With the exploration program underway, I would hope to start to see some headway on development of options for this gas to be utilised...something a little more than 30MW power gen.

So briefly in summary, my plucks are as follows:
Q4 09 - 2P initial and 3P from Blackwater; 3P from Comet.
Q1 10 - 2P from Blackwater; 3P from Norwich.
Q2 10 - 2P fom Blackwater; 2P from Comet;
Q3/4 - 10 - 2P from Norwich

Cheers,

SF