re: molopo - buy and hold during spud
Spud was last week - announcement just came out
SECOND CBM PRODUCTION TEST WELL COMMENCED AT BINDAREE/HARCOURT IN QUEENSLAND Molopo Australia Limited announces the commencement of the Bindaree 02 well which spudded on 19th November 2004. Bindaree 02 is the second of two production wells currently being drilled on the Bindaree Prospect within the Harcourt gas accumulation. Earlier in the year Molopo and its partners applied for a Petroleum Lease covering 178km2 which included the entire Harcourt and Bindaree areas. This application was based upon a review of the results on two earlier production test wells at Harcourt. The Bindaree Prospect is located to the immediate north of the Mungi Gas Field and is considered a likely extension of the Mungi Field where Molopo and its partners have 10 CBM production wells currently on line. When drilling is completed on the two Bindaree wells both will be water fracced and ultimately connected to the existing gas gathering system at Mungi so that gas may be treated and sold. Once the two Bindaree wells have been completed, the rig is expected to be mobilised to Mungi where drilling of the Phase 2 development wells can commence. The Mungi Gas Field is located in PL94 in the Bowen Basin, and is the closest CBM Production Licence to the significant Gladstone industrial market. Bindaree/Harcourt is located in PLA 210 (formerly ATP564P)
MPO Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
