A little birdie told me that Santos have asked for a two week exstension, on there farm in obligations,and from my information they will probably then ask for a longer period say the end of 2009, so they can look at all siesmic and make a definate decision.
However,i find it's interesting that they have asked for two weeks,if this well proves up then they just might have a change of heart.
I find the wording in the paragraph below interesting,the old subject to back in rights trick.
If this well proves up,we might all be laughing,oil & gas.
The structure also has potential for gas in the deeper Cretaceous and Jurassic sandstone. The well will
be drilled to a depth 1,800m to test the potential of these sections provided there are significant
hydrocarbon indications encountered while drilling the upper sections. Local gas infrastructure could
allow early development and sales of any discovery. Santos has declined to participate in the drilling of
the deeper section below 1,000m on the basis that most of the prospectivity exists above 1,000m so
Caspian will retain 100% of the field at all levels in the event of a discovery, subject to back-in rights in
the event of a major discovery. Recent mapping indicates a mean reserve of 2.1 mmboe and a high side
of 4.96 mmboe (unrisked
DB
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