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On Friday, the parties agreed to end their dispute.
"Santos and Rallen have reached agreement to resolve the court proceedings," a document tendered to the court said.
Under that agreement Santos will continue work at one site on the station, but will cease work on the two contentious wells until after December 2022 and pay Rallen's $400,000 legal bill.
"Santos will work to improve the way it engages with landholders," the document said.
"Santos looks forward to a constructive working relationship with Rallen on that basis."
Sorry if you have already seen this article, it was posted on 7News website on 15th January.
Australia's second-largest independent gas producer Santos and a Northern Territory cattle baron have agreed to end their onshore gas fracking court battle.
The energy company has agreed to pay Rallen Australia's $400,000 legal bill, reform its stakeholder engagement and stop work at the two controversial exploration wells that caused the legal stoush.
Rallen had accused the publicly listed energy company of having a "cavalier attitude" to government regulations after it allegedly failed to provide full details about its exploration drilling program on Tanumbirini Station, about 700km southeast of Darwin.
Thanks Northern, I agree with your thoughts on the outlook for Falcon, all the stars certainly are aligning. With good results from Tamboran in the next fortnight, that could be the start of a very good year! GLA.
Europe & UK now rely on Russia for our gas supply, because we listened & bowed down to the climate chrisis minority and stopped producing our own. Putin has reduced supplies of gas, because he wants Germany to approve the Nord Stream pipeline thru the Baltic, but they are reluctant to do that due to other issues with the Kremlin.
UK & Europe are now importing gas from Australia. We now need a reliable supply from a stable country, Australia has a fantastic future ahead, EU now realise that we need gas, the rest of the world all ready knew! GLA.
Fatih Birol, the head of the International Energy Agency (IEA) blamed Russia for worsening Europe's natural gas crisis. He implied that the Kremlin was manufactured an energy crisis for political ends at a time of "heightened geopolitical tensions". The EU is currently fuel-starved as Russia decreased its supply of gas, pushing prices to record highs in the past year.
The gas crisis has intensified in recent weeks as the Yamal Europe pipeline, which sends gas into Germany from Russia, has been in reverse for three weeks, while other pipelines have recorded below-average flows.
Analysts have also accused the Kremlin of wielding its state-run gas companies as a political weapon while tensions climb in Ukraine.
According to Mr Biriol. Mr Putin was choking gas supply by holding back at least a third of the gas it could feasibly send to Europe.
What the world needs is a politically stable country to supply gas for the next generation. Australia, get ready!!
Have a great Christmas, I'll be raising a glass to each n every crazy member who contributes to this board, may our craziness be rewarded! Thanks to you all for your valuable and entertaining contributions throughout the year.. GLA!!
Greenies don't comprehend that banning some plays won't solve the CO2 pproblem as the coal / oil / gas will just arrive from some other source from across the globe. Maybe they could put their energy into something more resourceful such as developing carbon capture instead. This is something that Bill Gates and Elon Musk are looking in to developing as it will be a step in the right direction for everyone.
The answer to Schlemiels Q is that 10 TJ would equal around £400,000 @ today's prices.. In Europe (Asia pay less)
A shipping vessel delivered a partial cargo of Australian LNG to Barcelona on December 2 after leaving the larger part of the shipment in China.
“This is believed to be the first Australian LNG into Europe since 2009, when there were a couple of Australian cargoes to the UK and France,” he added.
According to data from Clarksons Platou, the difference between European and Asian prices is currently the widest on record.
On Monday, spot LNG shipments to Europe were pricing at roughly $44 per million British thermal units compared with about $38/Mmbtu in Asia, it said. During October and November prices in Asia had averaged $5/Mmbtu above those in Europe, the brokerage said.
Torbjorn Tornqvist, the founder and chief executive of Gunvor, the world’s biggest independent LNG trader, said he expected to see 15 to 20 cargoes, in addition to the normal flow, head to Europe this month and the same amount in January.
“Europe is clearly pricing itself to attract a lot of LNG and it needs it,” he said. “Without that, the supply situation could be very serious depending on the weather. Stocks are already low and will be exceptionally low by the end of the winter.”
Froley added that Royal Dutch Shell, which has an offtake agreement with the Pampa Melchorita LNG terminal in Peru, had been sending Peruvian LNG to the UK for the first time since 2019. Seven such Shell cargoes have arrived in the UK since the end of October, with four more cargoes scheduled “in coming weeks”, he said.
Like in continental Europe, UK gas prices have risen roughly 600 per cent since the start of the year, bankrupting more than two dozen domestic energy suppliers.
Gas accounts for about 40 per cent of UK electricity generation and heats the majority of homes. It depends on LNG shipments for roughly a fifth of total supply.
Thanks TN for your insight into the valuation that POQ should be aiming for when he is ready to start discussing a sale. Currently our 22.5% sits at $100 per acre, so we can see the upward potential we have is rather tasty! A year ago we were in a low place after the Kyalla disappointment, Covid hitting markets, Oil price at a record low, we would have happily settled for 50c.. Just goes to show alot can happen in a year and timing is everything. If we end up in the right place at the right time, then the $4.5 may not be just a pipe dream after all! GLA.
Thanks for posting the link, it does seem out of sync as WW mentions, but all seems quite positive, although a little bit sketchy upon whether additional funding will be required.. Looks like POQ has a min figure of 1K per acre based upon similar acquisitions made in the USA, and I would hope that the Beetaloo would sell for a premium over other plays! GLA.
For those who haven't seen the Joe Riddle interview with Proactive Investers last monthh, here is the link to the youtube video, where he describes the massive potential for the Beetaloo.
https://youtu.be/2TIe8Bk4ScY
Good Question, Oleo or other knowledgeable person. may be able to answer that, my thoughts were that the C2 and C3 contribute to 20% wet gas, I guesstimate 20 barrels per million, that’s an improvement of 40% for 20 bbl/MMcf. Revenue increases likely to be 40 to 50%??
The preliminary evaluation (15th October) of the results at Velkerri 76 confirmed positive indications in particular from the B shale of the Amungee Member (formerly known as the Middle Velkerri). Other intervals within the Amungee Member, also show positive indications, and further analysis will now be undertaken to confirm these results.
The Amungee Member B shale was the principal area of focus and the results obtained to date compare very favourably to some of the most commercially successful shale plays in North America. The Amungee Member B shale is also the focus of activities in the neighbouring Santos and Empire Resources operated blocks.
Mud gas composition data also provides evidence that the Amungee Member is within the wet gas maturity window and contains good LPG yields and high heating gas value.
Key information with respect to the preliminary mud gas composition of the Amungee Member B shale are included in the table below:
Amungee Member B Shale
Gross thickness (metres) 53.9
Total Porosity Ave. (%BV) 7.7
Total organic carbon Ave. (TOC, %wt) 4.3
C1 (mol%) 79.65
C2 (mol%) 16.49
C3+ (mol%) 3.86
The results confirm:
The prospectivity of the Amungee Member B shale.Reservoir quality of the B shale (TOC, porosity and gross thickness) compares strongly with commercial shale plays in the United States
Our Velkerri 76 well is thought to be in the wet gas window, this will be a great benefit as the liquid rich gas will greatly increase cash flow for potential producers. C1 is regular dry gas, or methane. The “liquid rich” gases are C2, C3, C4 and C5:
C2 Ethane
C3 Propane
C4 Butane
C5 Condensate
C5, or condensate is worth the most of the four liquids. It is close to gasoline in quality and often gets a premium over the world oil price. In Canada, it is mostly sold to heavy oil operators where it’s used as a diluents; diluting the heavy oil.
Propane is sold as winter heating fuel, and has very seasonal pricing. Butane is sold to Edmonton refineries and is used for blending. Its price is a percentage of oil and follows oil.
The prices of C2-C4 can vary, but as a general rule of thumb producers will get roughly 60%-65% of the oil price for their NGLs. When natural gas is 1/16th the price of oil, that’s big money for these producers.
And the more condensate you have the more negotiating leverage you have with the gas plant to get better pricing on the C3-C4 which has weaker pricing.