Ok... so. Its been a while since I spent some time hunting around to keep tabs on Twiggy Forrest and his 'Squadron Oil & Gas' entity, which has basically partnered up with a small private company called Goshawk (
Goshawk Australia)
Well..... a hell of a lot has happened since the start of 2017. I am actually surprised that Eric has not tried to mention it or, imply something in the presentations throughout the year. Twiggy Forrest is going all in on the Canning Basin, and I have found ZERO, yes ZERO evidence that anyone is paying attention to this.
My proof.... here goes:
This map shows the current tenements (or in regards to the dark green, tenements that are being bid on right now, with the bids closing Feb 2018). Harmless enough right. The two smallish tenements above Yulleroo are currently held by Goshawk, who happens to a partner with Twiggy, or more likely a sub-partner at best. Then you have all the lovely pink tenements which are currently progressing through the Native title legal process to have the acreage to be signed off and finally exploration can commence.
Now, the two titles held by Gowhawk are still, taking forever (perhaps on purpose) to progress which raises not excitement in me. But... next piece of the puzzle.
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Then you have the large Special application tenement which used to be BRUs (basically called the Acacia province, with some monster sized prospects, upto 100m barrels OIIP from memory) which is actually already held by.....
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Ahh.. with a little detective work, the air is now clear as to who is dealing with the Native Title holders of the acreage -
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Our friend Twiggy has now secured acreage to the North with the little Goshawk partner, but now also locked in what I and a friend of mine (who used to drill in the canning) as arguably some of the best conventional prospects currently defined by 2D seismic.
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Then you have the large tenemnt which sits between Ungani/Yulleroo, surrounds FinderXs acreage and down to the Pictor area. I was actually hoping BRU could have secured it, as from memory, at least a couple of Ungani trend prospect sit just beneath the Ungani production licence. No luck sadly, as.... again... its
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ah... but yes, bless the Internets little heart. We can indeed get around this, ah... not super secure system.
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So, lets catch our breath. Where to we stand in the Canning Basin. Firstly, I will say that FinderX was able to grab a small tenement directly beneath their current acrage, which bodes well for the Golwyer formation prospectivity. As they are still planning to drill a horizontal well next year and frac it (could be done around this time next year if the W.A governments ban gets removed, as it bloody well should.
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Yes... there is still so much of the Canning that is not Twiggy's right... umm... well.... ok, I had better not drag this post out too much.
This map helps... illuminate just how much has changed since NewStandard left the basin and Buru relinquished so much of its acreage.
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Just in case your wondering... all the tenements with the no 17 in them, are now held by.... Twiggy and Goshawk! All that is left now is the darker green tenements which are, as I mentioned sill up for bidding until Feb 2018. Then the Basin will almost be all held again.
Just to re-iterate who is now holding a lot of Canning Acreage, but.. other than back in 2016 for a week or so received a small amount of media coverage about his new venture....
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So... all that is left now, is to wait and see whether Twiggy will outbid everyone else to farm into BRUs acreage..... and who will pick up the last tenements in the current Bidding round.
Here are a few details regarding the current acreage up for grabs too.
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btw - It mentions that in the past, Broome was used for exporting oil (I think Kimberley oil did it?)
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Petroleum_Mag_May_2017 (for more details if you want).
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Twiggy has been very patient in picking up all the acreage to date, and I assume the work commitments are quite low. I wonder if he might get some competition in regards to the last 5 tenements?
The post is so long, I may have made a mistake or two, so please feel free to pull me up on them!
I wonder if anyone that has been selling their nice cheap entitlements might have second thoughts when they realise just how big a grip Twiggy has on the Basin now....
(20min delay)