P50 28TCF gas , 2C 1.5 TCF gas

key asset is ATP855, 28TCF gas @P50 in place, 2C 1.5 TCF. 4.9% interest of ATP855 traded for US$18m back to 2013,

40million tonne LNG sale agreement with Chinese company (now terminated ) back to 2015,

6 wells drilled since 2013, all wells discovered gas, the maximum gas flow rate from one well is 4.5MMscf/d.

now the company is retesting the gas flow rate of 5/6 wells, to decide the funding ability to move into exploration stage 2. But gas leaking issues encountered , now it is said being fixed.

Personally I think it’s critical time of this company, once the flow rate confirmed same as 4.5MMscf/d, or higher, a substantial rerate could be expected. Once failed, the whole project may be finally for sale IMV.

Clearly one of the most prospective gas resources/project in Australia, however progress has been super low, another kind of SUPER STAR. But now, has to retest, has to finalize......