Sunday 14 April 2013

Special Edition 27

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$20 trillion ... not: reality check for Linc oil find

From Sydney Morning Herald, BusinessDay, article by Paddy Manning, January 24, 2013

Linc Energy is distancing itself from estimates in today’s media that it may be sitting on $20 trillion worth of oil in South Australia’s Arckaringa Basin.
Linc’s shares rocketed more than 30 per cent to an 18-month high of $2.82 today after it told the stock exchange yesterday that two independent consultants estimated there was an ‘‘unrisked prospective resource’’ of up to 223 billion barrels of oil equivalent in three shale formations within its 100 per cent-held Arckaringa exploration permits.
Media outlets including the Adelaide Advertiser appear to have multiplied the resource estimate by the prevailing oil price - above $US95 a barrel - to arrive at the $20 trillion figure. But Linc chief executive Peter Bond told BusinessDay:
‘‘That’s not our valuation. I don’t know who did that but someone’s got a calculator out and come up with that number ... but we wouldn’t put a valuation on it at this stage. It’s too hard. ‘‘Obviously if you want to stand up there and come up with $US100 times 100 billion barrels, you’ll come up with a big number. That’s not how you value oil resources anyway.’’
Petroleum resources are classified into booked reserves - proven, probable and possible - or resources which may be contingent or prospective. The estimates released by Linc on Wednesday were classified by the consultants as unrisked prospective resources - the lowest category of certainty - because of their ‘‘lack of commerciality or sufficient drilling’’.
As the consultants wrote: ‘‘There is no certainty that any portion of the prospective resources estimated herein will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.’’
Mr Bond explained that industry rules of thumb guided valuation of reserves, with good quality 2P (proven or probable) or 3P (proven, probable or possible) reserves valued at between $US1-$US2 a barrel. ‘‘Once you get to 1P (proven reserves) you get to $US10/barrel, or $US100,000 per flowing barrel.’’ Shale plays tended to be valued on an acreage rate, ranging from $US1000-$US2000 an acre at the low end, to $US20,000 an acre at the high-end.
But Mr Bond did not walk away from the potential of the shale play at Arckaringa, where Linc has 16 million acres of which 2-3 million acres could be ‘‘sweet spot’’ territory. ‘‘No matter how you look at it, it’s big,’’ he said.
Mr Bond said Linc paid $104 million for its exploration acreage at Arckaringa four years ago, and spent $30 million on drilling 15-16 holes, of which half targetted shales, and 1000 kilometres of 3D seismic.
But Linc is now looking for a ‘‘farm-in’’ partner to spend up to $300 million to develop the resource and prove up reserves. Mr Bond said Linc’s consultants estimated there was a minimum of 3.5 billion barrels of oil equivalent at Arckaringa. ‘‘It’s a multi-billion barrel opportunity, and that’s a good news story. OK it’s not $20 trillion. But 3, 4, 5 billion barrel resources are virtually unheard of these days, so even stressing this number down to the minimum number the experts stress it down to, it’s still a big story.’’

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Far North Football League Inc 2013 FNFL Lightning Cup 13th April

OLYMPIC DAM FOOTBALL CLUB v. ROXBY DISTRICTS SPORTING CLUB
Round 1 - 13/04/2013
Roxby Districts 4 goals 1 behind 25 points defeated Olympic Dam 3 goals 0 behinds 18 points
Goal scorers for Roxby B. Hampel 1, J. Ford 1, S. Kangars 1, S. Caputo 1
Goal scorers for Olympic Dam D. Moyse 2, T. Dwyer
HORNRIDGE SPORTING CLUB v. ANDAMOOKA FOOTBALL CLUB
Round 1 - 13/04/2013
Hornridge 9 goals 9 behinds 63 points defeated Andamooka 1 goal 1 behind 7 points
Goal scorers for Hornridge J. Harman 3, J. Elliott 2, N. Yates 1, J. Mason 1, N. Tutthill 1, B. Kelly 1
Goal scorers for Andamooka R. Testro 1
OLYMPIC DAM FOOTBALL CLUB v. ANDAMOOKA FOOTBALL CLUB
Round 2 - 13/04/2013
Olympic Dam 9 goals 8 points 62 points defeated Andamooka 0 points
Goal scorers for OD A. Homer 2, D. Emes 2, T. Hornhardt 1, S. Montgomerie 1, D. Moyse 1, M. Spinks 1, R. Bennett 1
HORNRIDGE SPORTING CLUB v. ROXBY DISTRICTS SPORTING CLUB
Round 2 - 13/04/2013
Roxby Districts 5 goals 2 behinds 32 points defeated Hornridge 2 goals 5 behinds 17 points
Goal scorers for Roxby S. Kangars 1, S. Caputo 1, J. Watson 1, J. Kenny 1, C. Kenny 1
Goal scorers for Hornridge L. Webb 2
ROXBY DISTRICTS SPORTING CLUB v. ANDAMOOKA FOOTBALL CLUB
Round 3 - 13/04/2013
Roxby Districts 7 goals 10 behinds 52 points defeated Andamooka 0 goal 1 behind 1 point
Goal scorers for Roxby J. Nicholson 2, B. Hampel 1, J. Ford 1, J. Watson 1, C. Haugum 1, C. Kenny 1
OLYMPIC DAM FOOTBALL CLUB v. HORNRIDGE SPORTING CLUB
Round 3 - 13/04/2013
Hornridge 6 goals 4 behinds 40 points defeated Olympic Dam 2 goals 1 behind 13 points
Goal scorers for Hornridge L. Munro 2, N. Yates 1, J. Beenham 1, W. Monfries 1, T. Grosser 1
Goal scorers for Olympic Dam M. Curtis 1, R. Bennett 1
HORNRIDGE SPORTING CLUB v. ROXBY DISTRICTS SPORTING CLUB
Grand final 13/04/2013
Hornridge 5 goals 1 behind 31 points defeated Roxby Districts 3 goals 4 points 22 points
Goal scorers for Hornridge N. Yates 1, J. Harman 1, N. Tutthill 1, T. Feltus 1, B. Kelly 1
Goal scorers for Roxby Districts C. Hall 1, J. Watson 1, J. Kenny 1.


Man critical after Coober Pedy brawl

From: http://www.adelaidenow.com.au/news/south-australia/man-critical-after-coober-pedy-brawl/story-e6frea83-1226620052806
Sam Kelton
Adelaidenow
April 14, 2013 10.13AM
A MAN is being airlifted to the Royal Adelaide Hospital this morning after a serious assault at Coober Pedy in the State's far north overnight.
Just after 2.30am police were called to the Umoona Community, on the outskirts of the town, after reports a group of about thirty people had been fighting and a man had been seriously injured.
A 44-year-old man from Mimili was taken to the Coober Pedy Hospital.
He is in a critical condition and will be airlifted to the Royal Adelaide Hospital this morning.
Police enquiries are continuing and if anyone has any information about this incident, they are asked to contact Crime Stoppers on 1800 333 000 or online at www.sa.crimestoppers.com.au


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