Just a reminder why I and others have invested in PEP11... This is the research article done by wise owl on the 22nd August 2010, it's a good read... some points are below, for and against the project, note that most of the against' have been dealt with by now... Also check out point 2 in the bulls column :)
The Bulls & The Bears
The Bulls Say
A successful gas find has the potential to supply NSWs gas demand for years to come.
Unrisked estimates suggest PEP11 could host as much gas as
the Gorgon project on the NorthWest Shelf operated by
Chevron, which contains 40TCF of gas.
Advent Energy currently has enough cash reserve to drill one exploration well, but is raising funds for two.
Major oil and gas companies would likely look to farm into this area should drilling be successful.
A successful find is potentially worth billions of dollars.
The Bears Say
All projects are still in an early stage of exploration and remain speculative with no defined resources.
Drilling has been delayed before and investors would not look favourably on the drilling schedule being moved further into the future.
Environmental issues may stand in the way of this field being developed.
High drilling costs will make it difficult for Advent Energy to drill beyond the initial two wells.
Reported oil seepage could be stemming from man-made
sources as the permit covers a major east coast shipping route, though gas seepage cannot be attributed to this source.
https://promo-manager.server-secure.com/download/files/03059/178807/BPH_22_08_2010.pdf
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