Spot on
@trousergecko
I was just reading the same report from WGO. I have taken the liberty of roughly circling in red below, the outline of NWE's Lead E which is predominantly in NWE's EP426 permit. This is significant news in that WGO is confirming that the gas is "filled & spilled"... so the theory is that the gas spills from WGO/STX West Errugulla, into Lead E (which partly falls in WGO/STX permit EP469), then from there flows into NWE's LD. It really is quite enormous and further re-rates the prospectivity of Lead E and in fact all other Leads in NWE permits. NWE & MIN now just need to complete ASAP the 2D & 3D to turn these Leads into firm prospects... and then drill them!
Also worth mentioning that NWE has another 2.22% interest in EP426 (over the 20% of EP368) which although may seem insiginificant, will be worth a fair bit when we are talking 100s of millions if not billions.
Also, it is worth reading BPT's Investor Update from yesterday. Have a look at their updated PB map (copy below)... check out the size of the Lockyer Deep gas field... relative to their Waitsia and Beharra Springs. It even dwarfs West Errugulla... which we know is likely to be shortly confirmed as a 1.2tcf gas discovery.
Not sure if others have read that BPT have sold their entire share of Waitsia gas to BP for export as LNG via NWS (3.75m tonnes worth - they will be making a mint). That is big news and I believe the dynamics of the PB gas market may change in the near term if the WA govt is to (likely) reverse the PB gas export ban. As more significant gas discoveries such as LD-1, will alleviate concerns for WA state to be gas secure. Lucrative LNG export options is an option, or other projects such as STX's urea Haber project.
Clearly LD-1 will be more gas than MIN needs for their ESG goals... and when you add in likelihood of other Leads being drilled for gas discoveries, I am interested to see how this will plays out wrt MIN & NWE. If PB does end up being on a multi gas TCF scale of NWS... watch for larger multinationals coming into the market and big corporate activity.
All very exciting from my point of view.
GLTA
