hi Noellyn,yep, this is interesting.MPo has been keen on the...

hi Noellyn,
yep, this is interesting.
MPo has been keen on the Mungi area, and has been developing those wells on a sole risk basis - i think because Anglo and Mitsui have lost interest in CSG development (which is why WCL now has this opportunity).

I think (and am happy to be corrected) that the Mungi dev't is the subject of the PL94 Sub-lease Northern Section.
The ATP564 seems to comprise several parcels. PLA210, PLA296,Bindaree,Harcourt, Oak Park, plus that PL94 Sublease (which I think contains Mungi).
So I think that is a discrete asset, and probably subject to its own pre-emp agreement.
Yes, you are right, in that one would expect that MPO would jump at the opportunity to acquire 100% of the PL94 Sub-lease.
But I am unsure whether they will pre-emp on all or some of the other assets in ATP564.
One thing is for sure - MPO has plenty of cash- more than WCL!
There is a good presentation of MPO interests in Nov AGM presentation.
Looking at it, I suspect that MPO will want all the interests in ATP564.
ATP602 has the Timmy prospect with 2300 GIP. I recall at one stage MPO was not too keen on this permit? I think preso dated 1 April 2009 showed Timmy and oak park as being non-core (option to demonstrate potential or divest).
MPO may well be happy to work with WCL to develop the assets in ATP564.

I think, at the very least, WCL will end up with 100% of the PL94 assets at a cost of less than $50m. It is this asset which contains almost all of the cert reserves and all the infrastructure.
When this is combined with the prospects in Paranui, it becomes very strategic for us.

It seems like those permits are a jig-saw puzzle.

cheers