Chuk, "It should take longer and the more work done on it the...

Chuk, "It should take longer and the more work done on it the more reliable it should be."

A scoping study should not take 9+ months though Chuk. There should be no difference in the 'reliability' of a scoping study between OP or Buccaneer....they are simply done to an acceptable Scoping Study accuracy. However I agree Buccaneer would take a bit longer than OP.

Scoping studies are very useful to see if the projects pass the most basic hurdles (answering "can this be mined? can this be mined economically?") and at what capital/opex costs.

IMHO ABU should have already completed a scoping study on both Buccaneer and Hyperion in 2012 even if OP is the main prize, as this allows a much more informed view to base future decisions on.

Maybe TAM would like to mine Hyperion? (similar to Norton arrangement with PXG). Cash made there could offset larger OP/Buccaneer capital. Just an option. Many options to think about, but without at least a scoping study on all major projects it is hard to assess.

They should also have advanced some of their many other regional projects, however there was little news on this front. Kroda ignored for the year. Have they managed to meet the minimum expenditure for all their vast tenement package??

It seems that they can only manage to progress OP, and with only 2 rigs it seems things are going slowly.

Ah well, that is enough of my 2012 wrap. Onto 2013.....