Hi WoolyhawkAs Ya said in a previous thread the target of 404-P,...

Hi Woolyhawk

As Ya said in a previous thread the target of 404-P, like 364 and 434, is the deeper Triassic zone.

In comparison A#1 will be targeting a GWC in the Jurassic Legendre and Calypso formations at a depth of around 3175m (compared to the deeper ~5000m targets elsewhere).

WA-404-P is just north of Gorgon so the gas will be in similar Mungaroo and Brigadier Formation sandstones and is about 120km West of 360-P.

Wells drilled closer to home will give us more of an indication, as already noted by others. Our best comparison is with neighbouring Wheatstone, Pluto, Eastbrook, Echo and Yodel discoveries. It all depends on how effective the trap seals are between Artemis and the Wheatstone/Pluto reservoirs.

Has the gas migrated from Eastbrook to Artemis? The clues lie in plate 18 of the Nov 2009 Artemis overview.

What the discoveries mean in other areas is confirmation that the Carnarvon basin is rich in resources.

With regards to the remaining WA Government regulatory approvals, according to the WA DMP website (registration needed - thanks Sheepdog2 for the pointer):

WA-360-P - the status is that we are still waiting for a decision on the farmin and deed transfer of the 50% equity to PBR document which was lodged on 12 July 2010 (after FIRB approval was given 28 June).

For those who like deadlines, as a comparison the 35% approval and transfer of equity in the RDI farmin process was lodged 30/09/08 (3 months after the alliance was executed in June) and approved about 11 weeks later on 23/12/2008. If we translate this to the present application the decision could take us up to October. We can expect the transfer of funds up to a month after the farmin and transfer are completed.

IMO the WA approval is just a formality but these things take time.

The transfer of 5% equity from MOG to MEO was lodged 17 June and approved 26 July.

From the same site WA-361-P is due for renewal 31/01/2011. MEO has bought out Gascorp so it will hold a 50% equity in the permit. This has not been lodged for approval yet and will probably be part of the renewal process at the end of this year. Clive Palmer's 35% has reverted to his company Mineralogy from RDI which didn't take off. CUE holds the other 15%. Once the permit has been renewed MEO will no doubt be looking for a farmin partner for further exploration.

WA-359-P is now back with Cue and Exoil (09/06/2010). The reason I mention this is that the MEO geologists must have seen potential in the data/seismic links between Zeus/Eastbrook/Artemis in 361-P. 359-P must have been too detached from the potential reservoirs.

A couple of other points whilst I have been away fishing:
The SP has risen:) The gradual rise and strength during the DOWs' worst week since early July shows promise for LT holders and I am sure the SP will keep on the upward trend - slow but sure. The bots have all but disappeared ATM.

The other thing I like to keep an eye on is the T20 SHs. There is little change with a holding of 17.0% (June 17.6%) between them. Forbar Custodians are the only newbies replacing Kaymel at number 20 in the list.

#:>))