Originally posted by reserve
Ok,
Really happy we got the approval to do the 3d in May/June at Xanadu.This and the other actions due to happen later this year will change the market perception of NWE as others have alluded to, but it will take time for the market to pick up on these events as they happen,
We have TP15 Xanadu 3D due May June with results after data has been anaylysed, then expect it to be drilled late this year.
We have EP368 Lockyer deep due in the second half of the year,
(Could be huge as next to WAITSIA)
My calculations are NWE are currently receiving approx
A$
57K per month revenue from L14 Jingemiya, oil production with 4 new target prospects in the pipeline.
We have had a positive ruling on fracking for EP413 Arrowsmith, waiting further advice from the DMIRS as to new requirements to progress further with this.(we did get some oil and gas to the surface).
Whether there is a Raise, recon or a sell down in some permits I think we can all see the light at the end of what has been a very long time and whether the market sees it this year or next NWE will have another day in the sunshine. As Tui and Potts have always said Shelly is on our side and has shown that she gets things done no matter how many obstacles there are.
So hang in there if you can.
Cheers, Reserve
DYOR
Government introduces strict new controls for hydraulic fracturingTuesday, 27 November 2018 Fracking will not be permitted over 98 per cent of Western AustraliaFracking moratorium will only be lifted on existing petroleum titles, after independent scientific inquiry finds risk is lowExisting ban over South-West, Peel and Perth metropolitan region to continueNational parks, Dampier Peninsula and public water source areas also declared off limitsConsent by traditional owners and farmers required before fracking production is allowedFracking royalties to fund new renewable energy projectsHydraulic fracturing will not be permitted over 98 per cent of Western Australia and, for the first time, traditional owners and farmers will have the right to say no to oil and gas production from fracking on their land. The State Government will only lift the fracking moratorium on existing onshore petroleum titles following an independent scientific inquiry finding the risk to people and the environment is low. Under new world-class strict controls as part of the McGowan Government's balanced response to the scientific inquiry, fracking can only be approved on land covered by existing exploration and production licences, or about two per cent of the State. As promised, fracking will continue to be banned in Perth, Peel and the South-West. Existing and proposed national parks, the iconic Dampier Peninsula in the Kimberley and Public Drinking Water Source Areas will also be declared off limits. The specific boundaries covering the Dampier Peninsula ban will be developed in consultation with the local community. Royalties from any unconventional onshore oil and gas projects will be used to support new renewable energy projects via a special Clean Energy Future Fund with a $9 million seed allocation. The royalty rate for unconventional oil and gas will increase to 10 per cent, the same rate that applies to conventional petroleum production. The 12-month independent inquiry by Environmental Protection Authority chairperson Dr Tom Hatton made 44 recommendations. Major changes to the existing regulatory regime include:No fracking to be allowed within two kilometres of gazetted Public Drinking Water Source Areas;All fracking projects, including exploration and production wells, to require EPA assessment;The development of an enforceable Code of Practice to ensure high standards of health, safety and environmental protection; andNo fracking allowed within two kilometres of towns, settlements or residents.The State Government will implement all of the inquiry's recommendations before any fracking production approvals are granted. Comments attributed to Premier Mark McGowan: "We've delivered our election promise to ban fracking in Perth, Peel and the South-West, and now we're introducing new world-class strict controls to regulate the industry in other parts of the State, following the findings of an independent scientific inquiry. "Banning fracking on existing petroleum titles after the scientific inquiry found the risk from fracking is low, would undermine Western Australia's reputation as a safe place to invest and do business. "At the same time, it is crucial that the industry demonstrates that it has the support of landowners who, for the first time, will be able to say yes or no to any fracking production on their land. "This is a balanced and responsible policy that supports economic opportunity, new jobs, environmental protection and landowner rights." Comments attributed to Mines and Petroleum Minister Bill Johnston: "We respect the outcome of the scientific inquiry, and it shows that jobs and investment can be allowed with proper regulation and enforcement. "Western Australia has a long history of safe and responsible oil and gas operations and is a world-class industry regulator. "The report demonstrates that the risks associated with fracking are minimal and can be safely managed under this balanced policy." Comments attributed to Environment Minister Stephen Dawson: "As a Government, we have a responsibility to deliver positive outcomes, based on a robust, independent scientific inquiry, in the best interests of all Western Australians. "This policy strikes a balance between ensuring positive environmental outcomes and a prospering economy. "Greenhouse gas emissions are an important issue for Western Australians. We will embark on renewed action on emissions. Gas is part of the transition to a clean energy future, with emissions from gas much lower than other baseload power production. "With the new strict controls in place and the establishment of a Clean Energy Future Fund, we're setting up our State for the long term and a transition to renewables." Premier's office - 6552 5000Mines and Petroleum Minister's office - 6552 6700Environment Minister's office - 6552 5800wa.gov.auCopyrightComplaintsDisclaimerPrivacyDept of the Premier and CabinetAll contents copyright © Government of Western Australia. All rights reserved.
