BHP 1.25% $37.19 bhp group limited

After hours announcement

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    From: http://au.dailynews.yahoo.com/finance/20021119/reutersfinance/1037683680-2685329442.html

    Tuesday 19 November 4:28 PM
    BHP Billitonsays U.S. Gulf well successful

    MELBOURNE, Nov 19 (Reuters) - BHP Billiton Ltd/Plc said on Tuesday that an exploration well had discovered hydrocarbons at its Shenzi prospect in the petroleum-rich deepwater Gulf of Mexico.

    BHP Billiton said the well found a gross hydrocarbon column of 465 (140 metres) feet with 140 feet (42 metres) of net pay in water depth of 4,400 feet (1,320 metres).

    The well is in the same region as its Mad Dog, Atlantis and Neptune discoveries. "This is another excellent result from our highly successful drilling campaign and it further enhances our resource base in this area," BHP Billiton Petroleum President Philip Aiken said in a statement.

    The company said the well's significance would be assessed after data evaluation, and appraisal drilling would be necessary to determine the size of the field.

    The discovery lies in the Western Atwater Foldbelt area which is expected to be a core producing area for BHP Billiton from late 2004 when the Mad Dog discovery is due to come on line.

    The company has a 44 percent stake in Shenzi, with BP Plc BP.L holding 28 percent and Amerada Hess Corp AHC.N also with 28 percent.

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    MY COMMENT:
    For those that use multiple moving averages, I'm sure you, like myself, suspect the $9.50 support will hold as the short term bands bounce back upwards off the tightening longer term MMA bands.

    IMHO $10 is not out of the question, but beyond that, it is crystal balling to see just how much can be squeezed out of the next rally.

    NB: I own small parcel of BHP call warrants with the view to adding to my position.

    Personal due diligence recommended.
    Cheers
 
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