Rather than watch this slide all day on the stupid Odin saga...

Rather than watch this slide all day on the stupid Odin saga (where it appears Odin pulled the pin themselves as the GFC loomed and now want their seismic money back..) I looked back through some AOE updates (before they disappear) and noted it says in one of the updates how they applied for some 51 petroleum licenses across ATP 364 in preparation for Curtis Island LNG.

I didn't know that until now so I went to the dme.qld.gov website and looked at their interactive tenure maps.

http://www.dme.qld.gov.au/mines/tenure_maps.cfm

Once it loads you can zoom in on Moranbah and then open the options on the left for 'Exploration and Mining Tenure'. This then provides a list of options or filters. I ticked the square box for 'Petroleum leases'
and ATP's only

What I found is that AOE(Shell/Petrochina) and AGK have BUL's blocks surrounded with PL's now. When you look at the greater moranbah area , what you see is that the Sapphire block is sitting right in the thick of it all, the central block is also completely surrounded (and we know the Annandale and South Walker csg fields run into it), and then Monslatt is over on the right kind of on the limit of the easterly spread of ATP's.

You know if this was some kind of industrial land development prospect and you were sitting there like BUL appear to be you'd be thinking its only a matter of time before they come knocking.

I also ticked mining leases to see what happened. What you find here is that in ATP 364, miners have pegged a fair bit of ground. The Annandale area for example has a big mining lease sitting in the guts of it. So despite ATP 364 being a very large block it is not unencumbered by any means.

Bul's Saphire block has a quite small amt of mining lease overlap, the Central block seems to have none and Monslatt has only a slither down the western flank.

NSAI have been doing the reserves certification on Moranbah and ATP 364 and now they are working with BUL on ATP 814.

When you look at it like this its not too hard to join the dots and see some real potential.

Its also not difficult to start wondering about whether the sp weakness is only about the ANZ overhang, the FID delays etc.. I for one will never beleive that AOE fell from well over $4 to $3.30 purely on the speculation about them needing to tap the markets.