$5.00 per share

Note the planned date to drill PEP 151. The fourth quarter of 2002 ............ just running a tad behind.

re: $5 per share!?
Posted 25/04/02 17:01 - 35 reads
Posted by xerxes_ph
IP 203.166.xxx.xxx
Post #448 - in reply to msg. #861 - splitview

Here is an exerpt from the article in Shares Magazine referred to in the previous thread on this post.

Apparently plans are afoot to drill this on in the forth quarter of 2002

Essential Petroleum (EPR) was floated earlier this year by Johnson Taylor Potter. The company has a portfolio of mainly onshore permits in the Otway Basin and plans to drill a number of wells in 2002 that could easily excite the market. Otway has already seen several gas discoveries this year.

".......EPR's biggest drawcard is the Cobboboonee prospect in the 100 per cent-owned PEP 151 permit. It is a 40 million barrel oil target.

An expected drilling cost of $1 million compares to a potential valuation of $500 million if - and that's still a big IF - oil is found. This equates to more than $5 per EPR share...... "

It could be fireworks ....or just another duster.


Cheers, X