Joe007, i disagree to some point that it isn't about their...

Joe007, i disagree to some point that it isn't about their assets in the US. The joint venture TTE has with AWE is relatively small (19%?) so it will not form the majority of their value and that is also assuming the perth basin yields something commercially.

bruham, you have a fair point on the salt domes though from my research, the reason the Allen Dome (JT Reese, Rosalee, etc) was abandoned by Shell and Connoco because the technology at that time did not make it a profitable site enough and they chose to focus on their offshore operations. With the recent improvements in technology, TTE is able to make it a profitable endeavour today and is planning to increase their production through more expansion/exploration. They have a $75million funding secured so they should be able to sustain themselves for awhile.

Here is an article that summarises some of these points:
http://www.goldcoastbulletin.com.au...news-story/2f0a4a66dce88ea8d3a970a2b7e074d2?=

Having said that, you're right that TTE does need to expand more to cover their operating costs and who knows whether their expansion plans will yield anything. Plus, with oil prices probably staying at a sub $50 for years at least, TTE might never be able to reach as big if they can't turn a profit quick enough.

As always DYOR but I will be holding on to some hope.