Music, you obviously haven't done much research. On page 62 of DTE's Bidder's Statement for Apollo Gas last year, it is not DTE but the independent appraiser NSAI that assessed the prospective gas in place for the Newcastle tenement. Their best estimate was 1342BCF, a lot of gas in anyone's language.
This is an estimate and is not proven, but based on experience with AOE, coal seam gas is generally much more likely to progress to proven and probable status than most conventional gas finds.
IMO, there is a lot more gas there than this, as the estimate was only based on four core holes. Coal thicknesses of 24 to 41m points to a very bright future. However as I previously said, DTE is directing its valuable capital to projects with highest margins. Europe has the highest margins, so that's why they are not rushing the Australian tenements. That's also fine while the new NSW Government sorts out its act. As a long term investor I am very happy to have a share of the Newcastle tenements and sit on them for a while.
Also IMO, DTE's many overseas projects will end up with much more gas and gas sales at higher margins than AOE ever did.
DTE Price at posting:
55.2¢ Sentiment: Buy Disclosure: Held
