OEL - (Otto) Multi based, Gambling Stock.

[Misc]

They should sell Turkey and I shouldnt wonder that this is planned. Focus on SC55 and some new plays closer to home. Caluit is rubbish and will never be comercialised by OEL. SC69 may be ok as long work program fuse but the rest are liabilities imo. Cheers

[shasta]

They should sell Turkey and I shouldnt wonder that this is planned. Focus on SC55 and some new plays closer to home. Caluit is rubbish and will never be comercialised by OEL. SC69 may be ok as long work program fuse but the rest are liabilities imo. Cheers

I guess if NDO found the Tindalo discovery in SC54, BHP/OEL will be more positive about SC55, hence why they are doing 3D seismic, but it's deep water stuff here.

Calauit (SC50) is in *85m waters, & SC51 has quite a few prospects, especially Argao (but even thats in 230m waters!), though i see they have 2 drills planned during 2010, as part of there work comittment.

As for SC69, seems to be on the outer, only 2D seismic planned for 2010.

* I note Tindalo is in similar depth

[boysy]

misc i wonder why you say sc50 is rubbish it has been flow tested at very decent flow rates what is your reasoning for saying it will never become commercial ?

[Misc]

Technically its a nightmare. Too faulted. Bit like 40 or so 1 litre oil packs vs trying to find a 44gallon drum. Check our Blades Cadlao 'field' (recently under option to STX) , that is a much 'safer' redev play but still has failed to excite any serious player despite being 'on the block' for some years.
Dont you think Caluit would have attracted a farminee by now if it was workable? Or are you of the camp that says 'oh they are keeping if for themselves' ? LOL , SC50 has been 'marketed' to all and sundry for over 5 years. The permit will be dropped imo. Cheers

[boysy]

Thanks for clarifying that misc i agree with you that they have so far not yet failed to excite any farminees and this must be due to the nature of the field

[shasta]

Technically its a nightmare. Too faulted. Bit like 40 or so 1 litre oil packs vs trying to find a 44gallon drum. Check our Blades Cadlao 'field' (recently under option to STX) , that is a much 'safer' redev play but still has failed to excite any serious player despite being 'on the block' for some years.
Dont you think Caluit would have attracted a farminee by now if it was workable? Or are you of the camp that says 'oh they are keeping if for themselves' ? LOL , SC50 has been 'marketed' to all and sundry for over 5 years. The permit will be dropped imo. Cheers

OEL hasn't operated any projects either, perhaps they just don't have the technical ability to get SC50 into production?

There 85% interest is still way too high for a deep water risky play.

Who is the O&G game is technically able to get SC50 up & running?

It's not a big field, thats why i always assumed a bigger fish wouldn't be interested?

[Misc]

Shasta , there a plenty of Oilers with the technical ability to develop Caluit. Its simply sub commercial at very best. The farm-out flyers were doing the circuit 5 years ago! A better use of funds would be to farm-in to big bang play close to home. One currently doing the rounds is CUEs Catarina prospect (drilling Q4 2010) with 11TCF potential. Although they are probably hoarding cash for Galoc II costs next year.

[shasta]

Shasta , there a plenty of Oilers with the technical ability to develop Caluit. Its simply sub commercial at very best. The farm-out flyers were doing the circuit 5 years ago! A better use of funds would be to farm-in to big bang play close to home. One currently doing the rounds is CUEs Catarina prospect (drilling Q4 2010) with 11TCF potential. Although they are probably hoarding cash for Galoc II costs next year.

I just went back & re-read the flyer on SC50

http://www.ottoenergy.com/IRM/Compan...2&EID=78219029

An interesting read!

But i agree with you, expanding Galoc now it's back up & running makes the most sense.

I also wonder about your farm in idea, it's cheaper to buy into known reserves than go drilling for it!

[boysy]

Bring on galoc phase #2 but i think having a second production asset cannot be underestimated even if the income is relatively speaking minor compared to galoc. Perhaps getting a bigger stake in turkey could be a good idea especially if the 100% hit rate is any indication of the regions potential.

[boysy]

not a bad start to the day was expecting a bit of selling pressure but it doesnt look like this is in fact eventuating. I guess quite rightly as the poo is falling the relative price of a barrel of oil is remaining relatively stable. Will be interesting to see if the drilling of tindalo will bring some spot light on some of oels sc's well anyway what is good for one company in the region certainly has to have flow on effects for other stakeholders of sc's in the pines