Northern Territory, page-2

We're in for an exciting ride in the NT, but not until some of the risks are removed. Our tenements are in the middle of nowhere, even more remote the the Beetaloo, a little to our west, and the derisking will come following results from Origin, Santos and Empire. Origin are waiting on flow test rates and are having a bit of an issue with slugging, understandable given they're km's down, but they reckon coiled tubing and nitrogen should fix it. Santos are looking strong, as are Empire, however more time is needed, probably a few more months, before results dictate where they stand. Currently, Armour are proposing a pretty hefty plan, 24 wells, conventionally drilled, in the Glyde sub-basin, which could mimic that of the Beetaloo sub-basin, but shallower and cheaper to complete.
Gas from this program is destined for Australian use, both mines and communities, and that will help our licence application I guess. And this is just one area of what we hold, the Barney Creek region could rival that of the Beetaloo, but hasn't had the exploration or assessment to the same levels.
What we really need is a partner to help us out, to accelerate our plans up there, but honestly, I've been in Armour for many years, and would be equally happy to be bought out for the right price, same as NWQ. My interest is in the proven areas of the Surat Basin, with its infrastructure and proximity to markets. We are on a winner there, considering Armour bought in to the Surat as a business venture whilst waiting for NT plans to mature. Having spent upwards of $33m in the NT, recouping that, and adding a premium, would pay out our debt and then some.