MI, I don't believe they established an O/W contact in Dunsborough-1 because the entire HC intersection was within the Dongara sst. The underlying Irwin RCM was probably not of reservoir quality and therefore no clear O/W contact could be determined. So they had to appraise down-dip to try to find it in the Dongara; I expect they'll find it in the third core. If they don't, this thing is a lot bigger than anybody expected, from what I gather. It's also light oil like Hovea, not thick, waxy stuff like Cliff Head so even allowing for a mediocre reservoir this structure could allow good recovery %. At this stage I'd be really interested in drilling that neighbouring structure (opposite side to Lilac). I've been a buyer today.
ARQ Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held