thoughts near term

Udacha reserves were disappointing but Middleton reserves weren't that much lower than pre drill estimates, or the intial 8bcf estimate after the DST's.
BPT and EIV are funding more seismic and exploration wells in the area so that says something for the field prospectivity.
However, that wont occur until next year sometime so I guess theres no near term speculative appeal for that particular field.

As for Bellbird-1 and the 2-3 other wells still to be drilled in Pel107, I don’t see the market getting too excited unless they actually find something akin to Kiana-1.

I’m told there is now a plan to tie Smegsy into Rossco, Paprika, and Cadenza subject to jv approval and testing of the latter discoveries. Possibly Udacha and Middleton could also be linked in to the network but all this will be next year sometime.

News re EPP27 Otway Basin could give a boost to the sp near term. It depends on what sort of targets OEX announce this qtr and how long it takes to get a rig. They are hoping the seismic identifies an oil prospect in the Sth Eastern section of EPP27
Obviously an 80 million brl target with a rig booked early 2007 would get a few people excited.

BPT are still lurking in the background and may make a move on GOG after Otway is drilled
I notice the Sth East section of EPP27 (where the recent seismic was conducted) is next door to Vic P46 where BPT farmed into EPR’s permit.

Despite the recent selloff, I will probably holdout for Otway news due this qtr and hopefully in the meantime they will find some oil in the Cooper.