Report14 Aug 2024 11:43
Please don't complain it's just copy and paste, let's discuss each area and see if it's true or false
It is a lie to use the term “low-risk”: This project is not low-risk. The reservoir, structure, charge, and migration have not been proven, and the CPR gives a COS of only 8%, indicating high risk.
It is a lie to describe the company as a “well redevelopment company”: The well planned for re-entry has been plugged and abandoned since 1982 and has a side-track from 1338m. Entering a complex well that encountered geological issues during drilling and has been plugged for over 42 years entails risks not commonly associated with the term “redevelopment.” This is misleading.
Hussar-1 was drilled by Eagle Corporation Limited, spudding on 24th September 1981 and reaching its TD of 2,040m on 9th December 1982 after becoming stuck at 1339m and being side-tracked around the fish.
It is a lie to claim that “targets have already been drilled” or “targets have already flowed gas”: The Hussar well did not reach the pre-salt target, so this has not been drilled. The DST on the Hussar well did not flow gas. If gas was recovered, it was not helium gas.
the Hussar-1 well did not target or drill through the pre-salt Heavitree Quartzite reservoir which overlay a granitoid basement, but instead reached its TD of 2,040m in a massive halite (salt) in the upper Browne Formation
Log analysis over 1,138m to 1,195m showed 36- 40% water saturation (Swc) and so could contain hydrocarbons but Drill Stem Testing (DST) did not produce Hydrocarbons.
It is a lie to state that “Infrastructure already exists” or “supply chain already exists”: There is no helium supply chain, logistics infrastructure, processing infrastructure, service companies, supply companies, spare parts, skilled workforce, or any other helium industry within the Hussar basin. Helium has never been identified or produced from the Hussar basin, which is a remote part of West Australia.
It is a lie to not be upfront about the ownership of EPA155: EPA155 is a Exploration Permit Application which has been pending for 16 years with very little prospect of ever being awarded because the application was made on sacred Aboriginal land. That is why Mosman sold Georgina the licence for only $35000. Yes you read that correctly. Georgina should not discuss resources or work programme on EPA155 without caveating within the same statement that it does not own this licence.
EP 155 was applied for by OilCo on 12 May 2008 and is located on “Aboriginal land” as defined in the Aboriginal Land Rights (Northern Territory) Act 1976 (Cth). As such, the application for EP 155 cannot be granted unless consent under ALRA is given by the relevant land council for the area and the Land Council
It is important for the sake of honesty that the FCA acts and forces the Company to withdraw the RNS on 30th July / 8th August and re-issues without the paragraph entitled “Differentiated and Low-Risk”.