Guys- I was at the Calgary Investor Road Show they out on last week. Brad Hurtubise was there and so were the guys on the ground in PNG Gavin Douglas and Mike Mcgowan. The presented for almost 2 hours. Very detailed information on what is developing with EWD and in the country itself. Sit tight for maybe another 2-4 weeks. They Talked a lot about Stanley Unitization and how they noew hold all the cards. 2 weeks ago, Horizon (who is the operator) did a deal with Osaka Gas whereby Osaka will buy 40% of Horizons PNG assets. The first asset purchase will be none other than Stanley. In order for this to go through (and it is wortth $74M to Horizon) they must unitize with Eaglewood. Eaglewood is now in the drivers seat my friends. This deal will get done quickly and in Eaglewoods favour.
Secondly, they have now completed the public gazetting of the small scale condesate facility and pipeline application which they have jointly apply for with Trafigura. This is a huge strategic move. Not only will they first produce Ubuntu, which is there own, they will be able to take gas from Ketu and Elevala which are in the area. This pipeline will be the only one in town (so to speak) and should add tremendous stratigic value to EWD.
Third they have now picked a location to drill for the well on the 259. It should spud in the forth quarter and is called Nama. The estimate is between .5 and 1 TCF of gas in their opinion.
Forth- there is somehting else brewing which they would NOT comment on but seemed like they were on the edge of their seats about. This is the one I am most interested in....
There is the simmary as best I can consolidate what I hear. Hope this helps. I would imagine it will be an active summer for EWD. FINALLY