I am with you Digger, always am.Quote:
Well drilling in the last 12 months has been a big letdown.Momoho is little better than Tieke.At Tieke we were left with small traces but a possible sidetrack after more tests are done.The conclusion given was that maybe oil was there somewhere but deeper. Haven't heard any more about Tieke
Several things come to my mind about Momoho.With the other two wells it will probable get developed.Also conserative estimated are the order of the day and as with TUI it will probably be twice as large after it gets going[if it gets going].
The other thing about momoho was that it was always going to be down the track development anyways. The central field area will take up the main action for the coming years so regardless if Momoho had been a big winner it would still be on the back burner for some time.That time can be used to poke around a bit more and see how extensive the field is. Maybe it will turn out like TUI and be shallow but cover a large ares and with future price rises will become economic.
What i would like to see NZO do now is to put the talk of a big spendup [acquistions]on the distant back burner.We need that money to find and develop more oil and gas fields right where we are,where we know most about what we are doing.Get over committed trying to take on the big boys and that money could soom evaporate and then we are back looking for shareholder injections to develop any future finds here.Our base is not secure enough for distant acquistions.Note i leave out the possibility of a move on PPP here as with this company we probably have access to near as you can get info on that target. But the going outside even Aus looking for opportunities scares me,and it shoud scare the rest of you.
Momoho has shown we have much to still look for here.
Have a look at the British Open. You would need your best wet weather gear Digger.