In some ways, outcome at Lockyer Deep won't have any impact on...

In some ways, outcome at Lockyer Deep won't have any impact on WE or SE. We know that WE has gas in the northern block but we know nothing about reservoir or deliverability until we get back and re-drill the well. SE is likely gas charged based on seismic response and proximity to WE, however this will be the furthest south test of the Kingia reservoir so there's always some risk.

That said, if LD is a failure, the reason for failure may have an impact on future exploration. If LD has reservoir but is not charged (most likely outcome in my opinion), then anything north of WE will have significant charge risk due to the configuration of the faulting north of WE. If LD has poor Kingia/High Cliff reservoir then this would downgrade anything in the area.

The good quality Kingia reservoir is still only tested in a tight area around Waitsia, Irwin, Beharra Springs and West Erregulla. We don't expect the reservoir to be extensive over 100's of kilometres so sooner or later, someone will drill a failure - question is who, when and where?? We've had a good run so far but sooner or later we will step out too far and lose the porosity.

From a commercial persepective, given MinRes plans to take any gas from LD into it's own mine sites, I don't see the LD outcome moving the dial one way or another for WE.