WOODSIDE, 2015 “Ulneung Basin Red Crab-1”, “Projecting but Non-commercial Discovery” Conclusion-

-WOODSIDE, 2015 “Ulneung Basin Red Crab-1”, “Projecting but Non-commercial Discovery” Conclusion-

First of all, the Australian company “WOODSIDE” that I have reviewed so far is a global specialized oil and gas company, and it is a very solid, clear, and reliable company.

In addition, in order to post this article, I have obtained the following three data from “WOODSIDE”.

1. 1. “SECOND QUARTER REPORT FOR PERIOD ENDED 30 JUNE 2015”
   (Report for the second quarter of 2015 for the period ended June 30, 2015 published in “Thursday, 16 July 2015”),
2. 2. “FOURTH QUARTER REPORT FOR PERIOD ENDED 31 DECEMBER 2015”
   (Report for the fourth quarter of 2015 for the period ended December 31, 2015, published in “Thursday, 21 January 2016”),
3. 3. “WOODSIDE AND KOGAS SIGN AGREEMENT FOR LONG-TERM LNG SUPPLY”
   (Contract for long-term LNG supply between WOODSIDE and Korea Gas Corporation, disclosed in “Wednesday, 28 Feburary 2024”)

First, the exploration plan for “Hongge-1,” where “WOODSIDE” is located at “Block-8” in the Ulleung Basin, is mentioned in detail in “Pages 7-8” of “SECOND QUARTER REPORT FOR PERIOD ENDED 30 JUNE 2015” above (see attached data).

If you look at the references to “Republic of Korea” in “Pages 7-8”,

“Entry to the extension period of the third exploration period was approved by the government on 22 April. Preparations are continuing for the Hongge-1 well, with drilling planned to commence in late Q3 2015 using the Deepwater Millennium drillship”이다.

In other words, “On April 22, 2015, the Korean government approved the entry of the third exploration period extension period.

Preparations for the Red Crab-1 well are continuing, and drilling will begin at the end of the third quarter of 2015 using a drilling vessel, “Deepwater Millennium”.

In other words, “WOODSIDE” started drilling for the well of “Hongge-1” located in “Block-8” in the Ulleung Basin on September 21, 2015, targeting “Oil and Gas” (see attached).

According to the attached data, the well of “Hongge-1” is 1,952 meters deep, and it is estimated that it is an exploration operation that sells up to approximately 3,881 meters to the estimated hydrocarbon layer.

So what was the outcome of the drilling???

The answer to this is detailed in “Page 7” of “FORTH QUARTER REPORT FOR PERIOD ENDED 31 DECEMBER 2015” above.

In other words, as a result of the above data, the drilling of the well of the “Hongge-1” located in “Block-8” in the Ulleung Basin was concluded to be “Exploration, Non-commercial Discovery,” that is, “Exploration Results, Non-commercial Discovery,” that is, economic feasibility (see attached).

And “WOODSIDE” left the Ulleung Basin at the end of 2022, and in February 2023, KNOC requested ACT GEO in the United States to analyze the exploration and drilling data accumulated so far, and ACT GEO asked for a full bite.

Does the KNOC know the meaning of “No Cure, No Pay”?

Are there people, businesses, and governments that are betting roughly 500 billion won on a 20% probability???

Finally, the third, “WOODSIDE AND KOGAS SIGNIFICANT FOR LONG-TERM LNG SUPPLY”, is the third one above.

In the meantime, “the long-term supply contract for liquefied natural gas (LNG)” between “WOODSIDE AND KOGAS (Korea Gas Corporation)” is being signed (see attached).

In other words, “WOODSIDE” provides “KOGAS” with an annual supply of approximately 500,000 tons of LNG for the next “10.5 years” from 2026 (see attached).

It’s not missing, it’s hitting???