No problems TShirt. I appreciate all comments posted here. Its been said before but the quality on this particular forum is excellent.
Just in case it wasnt clear I am agreeing that Ca Ngu was a good choice, as is the reasoning behind the selection. I dont think the selection has been influenced by B105 or the progress determined there up until this point.
I am not sure if everyone realises this but Ca Ngu may become more profitable to NEN, than a larger resource find. This is because the PSC provide for a higher profit share for gas, compared to oil. So from a development point of view the business case/feasibility sways in favour of gas potential.
The other interesting point that I neglected to mention was that they are not going to test the Oligocene zones. Surprising. They appear to be going to the same depth/zone as the BHP well. With the choice of Ca Ngu, the drill is derisked as we already know that there is oil there. Dont worry about Dongfang at 35km away, Ca Ngu is 12km away from 120-CS-1X (BHP)! In away, CoS is greater.
NEN Price at posting:
29.5¢ Sentiment: Buy Disclosure: Held
