re: asic and asx wakey wakey Abuman thanks.Yes I agree about WPL...

re: asic and asx wakey wakey Abuman thanks.

Yes I agree about WPL and HDR being at different stages of development.

My point about the gas line WPL has fed the other partners, well it isn't true. Maybe if you use a USD$10- per barrel of oil and a NPV discount of 15% maybe. But even from WPL's own developments it has a total of 5 being developed at under 1 trillion cubic feet.
That line deserves repeating ... WPL is currently developing 5 fields of 1 trillion cubic feet or less itself.

Converting the number WPL fed to its partners of 6 trillion to barrels of oil, at 6,000 cubic feet per barrel of oil equivilant, WPL told its partners unless there was over 1 billion barrels of oil it was not commercially viable.
Yep ....

To me it was a furfy ..... I suggest they try that line with the new MD of HDR ... Mr Potter. I know what British Gas would have said were this seriously passed off to them as fact .... bollicks.

In accounting and resource management when looking at developing something it depends on what assumptions you want to use. If you had $100- in your wallet right now, WPL would firstly discount it by 70% making it $58.29 then discount usuing a large NPV rate and argue that in 2008 it is only worth at a NPV of say 15% ... hmmm $36.12 ..... so thats all it is really worth right now ..... good one.

Go check you wallets ... there still is $100- there.



WPL usuing a USD $22- oil price for 2008 when the forward price was actually USD $38.62 for 2008 oil was interesting. It was actually a 75% discount to reality.

GO check your wallet again !

At this stage I will give WPL the benifit of the doubt.
Browse will be moved into reserves next week since production is starting in 2008.
Browse will containt the updated 28 trillion number.
Sunrise they may move back down into scope for recovery.

If not ....


It will be painful either way. But much more so the hard way. Some are into pain, WPL's new CEO has been there over 12 months, time to clean house !

Check your wallet again !