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Some rumblings about two wells to be spudded by May 2016 near the Phoenix South oil discovery..... if not then they could lose access to permit WA-472-P.

 

They are targeting oil plays in 60-90m of water but not using jack up rigs despite the shallow depths.

 

Guessing they are unlikely to drill during Christmas, so I'm guessing it will be back to back spuds starting January/February 2016.

 

Roc-1 results in adjoing permit WA-435-P (WPL does not have any interest) should be known in the new year.

 

http://www.youroilandgasnews.com/carnarvon...ans_122153.html

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Very quiet on the OSH bid...but no so quiet on the PR side for OSH, Peter O'Neill, UBS and Exxon

 

On Saturday the SMH ran a big two page peice on the PNG Gov't's loan for 10% of OSH via a UBS loan and now today a story appears in the SMH about landholders getting diddly squat out of the LNG plant. Both articles by J Garnaut.

 

Co incidence? Or is someone using the media to play a bit of hard ball?

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And another article about PNGLNG in the SMH business section today and not exactly positive.

 

I guess with all this negative publicity WPL will be reconsidering. They would never be interested in sub $10 boe's for the next 20 years if there was a chance the plant could be shut down for a week..no that is simply too risky.

 

It is just incredibly bad timing for OSH to have these stakeholder problems bubble to the surface while a bid is in the mix but thankfully the story came out in time and a potential misstep has been averted. Shame about how this is also hurting OSH's share price. Yep yep yep

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Barra

 

Just a little background on John Garnaut that you many or may not already know and which may or may not be useful to you.

 

I believe the journo that wrote those articles is the John Garnaut who a couple of years ago was hitting 'em out of the park with really insightful articles as Farifax's man in China. Of all the Aussie journos that were reporting on China I thought John Garnaut was the one who was saying really deep and meaningful stuff. Very informed and very ballsy. Not to diminish his own efforts and reasoning I always thought he would have benefitted from all the doors opened for him by his dad, Ross Garnaut. Garnaut senior was once Australia's ambassador to China, a genuine scholar of China, and on several occasions a senior advisor to the ALP (people forget that a group of ALP bosses, including from memory David Coombes, Tom Burns and Ted Innes were amongst the first western representatives willing to visit communist China way back in about 1962). Ross would have very good high level connections in China and being Ross's son would have done John no harm in gleaning information from those who know.

 

And as it happens pretty much the same applies to PNG. Ross has had a long involvement with PNG and merely by his name John is likely to have his finger very close to the pulse there (again that is not to diminish Garnaut the juniors own merits nor to suggest anything underhand). Based on his gutsy reporting from China I would be surprised if John Garnaut was allowing himself to be used and I would give some gravity to any insights he was giving. Not to say he has got his reporting here exactly right ...

 

Here is Ross's bio, heavy in contact with both China and PNG:

 

http://www.rossgarnaut.com.au/

 

and here is confirmation that Ross has a son called John (still not absolutely sure that Ross's son is the Fairfax journo though).

 

http://www.garnautreview.org.au/CA25734E00...V%20Summary.pdf

 

 

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Hi Triage,

 

I agree that John Garnaut is a top notch journalist and his reporting on China has been second to none . I often wondered if he would remain safe naming corrupt officials and exposing the power plays behind the recent purges in China, certainly I'd be surprised if he wasn't being watched fairly closely :ph34r: .

 

And you are probably right, must be co incidence, but at the same time it is interesting how so many details about the UBS loan came to light at this juncture given this deal was put to bed some time ago. No one was particularly interested in the official probe being undertaken in PNG earlier this year (which stalled after being starved of funding) until a few weeks after the WPL offer was rejected. The first article mentioned sources at UBS.

 

The 3rd article in the paper today was written by another journalist.

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From the AFR

 

Woodside Petroleum is understood to be mulling a modest price increase in its $11.6 billion approach for Oil Search, in an effort to at least get its target to the negotiating table, sources said on Wednesday night.

 

It's understood that chief executive Peter Coleman and his chairman Michael Chaney were moving very cautiously and were well aware that many Woodside investors considered the Perth-based player was already offering a full price in its one-for-four scrip approach for what was essentially a non-operating interest in the Papua New Guinea Liquefied Natural Gas project.

 

Then there is the sovereign and indigenous risks attached to PNG which have become all too evident in recent days.

 

However, the sources stressed Woodside hadn't given up hope of getting its target.

 

The move comes as some investors question whether the Gresham and Bank of America Merrill Lynch-advised Woodside would be better turning its attention to a target less favoured in the market such as Santos. But others believe that making any significant acquisition at this time represents something of a gamble on an upturn in commodity prices when no recovery is in sight, and that Woodside should instead return surplus cash to shareholders.

 

On the other side, the offhand rebuttal of Woodside's original approach by the Oil Search board would signal that a hefty bump up in the proposed offer price would be needed to kick off some serious talks given the price the major shareholders paid to invest.

 

Woodside's offer price was $7.65 while the PNG government came in at $8.20 per share but would need more than that to sell out because of the costs of the UBS financing. Abu Dhabi's International Petroleum Investment Company paid $8.55.

 

Woodside boss Coleman has also publicly stressed his reluctance to increase the bid.

 

.market-data-no-chart { display: none !important; } #quotes-five-years .spinner { position: absolute; top: 20px; } #quotes-one-day .spinner { position: absolute; top: 20px; } <h2 class="heading">Related Quotes</h2>

Last updated: Updating...Last updated: Updating...View full quote <h2 class="heading">Company Profile</h2> ASX Announcements Expand ASX AnnouncementsView all announcements Woodside is due to announce its September quarterly sales and production report on Thursday.

 

Woodside has yet to respond to requests for comment.

 

 

 

Read more: http://www.afr.com/business/banking-and-fi...4#ixzz3obJyDNQq

Follow us: @FinancialReview on Twitter | financialreview on Facebook

 

 

 

 

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