A 2km diameter asteroid designated 2006/6996 was initially detected in the southern constellation of Dorado, having an eccentric orbit considerably outside the plane of the Solar System.
Initial concerns that it was on a near collision course with Earth have been allayed by more refined calculations carried out at the Limpia Crossing Research Field Station of the University of Texas. These calculations show that en route to the vicinity of our planet the asteroid will pass near enough to the moon to be captured by lunar gravity and drawn into an elongated orbit around our hitherto only natural satellite.
In fact, at the extremity of this orbit the asteroid will sometimes pass as close as 400km from Earth, and approach the moon as closely as 200km in an 8 day long circuit.
The orbit is a degrading one, so while there is no long term prospect of the asteroid hitting the Earth, it will impact the moon in as little as 9,000 years.
NASA officials are jubilant at the use to which this can be put. Coming near the Earth to the same level as the uppermost ceiling of the space shuttle, a payload landed on the asteroid could hitch a ride to the moon and then detach itself from the asteroid's weak gravitational field and make a soft landing on the moon.
Alternatively, a space probe could hitch a ride and as the asteroid attains near maximum velocity launch itself towards one of the outer planets in a slingshot manner.
In addition, the asteroid could be developed as a space station, with on-site materials utilised in construction and the weak gravity of assistance to semi permanent residents.
The downside is of course that mental institutions are bracing themselves for an upsurge in the admission of patients with lunar related conditions, as the prospect of two moons could stimulate those with werewolf fixations or politicians with delusions of grandeur, which means of course most politicians.
In fact construction of an annex to Australia's Parliament house at Canberra to house an additional group therapy room and two extra padded cells has already been approved.
The Prime Minister is alert but not alarmed.
On the credit side, amateur astronomers have a whole new moon to observe, features to name, and mystery objects to look for or imagine and argue about.
However, a ferocious dogfight amongst astrologers for a permanent name of their choice has tended to overshadow the joy, because as we all know the name given to a heavenly body determines what beneficial or baleful effects it has on those whose zodiacal sign it invades.
For example, card carrying Republican astrologers in the US who are advising the White House on economic and foreign policy are pushing for a butch name, like Terminator while their Democrat rivals prefer something green like Kermit. British astrologers want Pooh Blair. Provisionally named Buffy, the new moon should be visible in amateur scopes from April 1 2006.