re: Ann: Exoma Completes Katherine West-1 Oil... Good info...

re: Ann: Exoma Completes Katherine West-1 Oil... Good info richard21 this article (copied below) you have been kind enough to post just confirms the Drill Program as I have indicated in my previous comments.
It is easy when taking the speculative investor approach to want more immediate proof that you are backing the right horse. But when it comes to this type of business you require a whole different patience and understanding.

In response to Large Portions comments;

"They were drilling to find good oil shows, make no mistake."

I not sure they were looking for anything else "Large Portions" and my comments did not infer that they were not looking for oil. My points were to highlight the process of discovery which seems to be lost on a lot of the investors comments made in this thread. The Share Price decline (low volumes) seems to be doing the thinking for a lot of investors, while at the same time the company commentary/announcements do not warrant these declines.
For my 2 cents worth the sellers are presenting myself with a much better entry point, as i am not currently a holder of any shares and I have not seen any information or news to disuade me from becoming a shareholder, except I continue to hold off until the sellers (all small retail holders by the feel of it) are out of puff.

Article posted by Richard21;
Exoma has been provided a direction to future oil exploration in the Galilee Basin, Queensland, and added confidence that oil may be present in the Katherine East prospect.

While the Katherine West-1 exploration well was not a commercial oil discovery, it provided direct evidence of significant oil generation and migration out of Birkhead oil kitchens to the south and west of ATP 999P.

In addition to oil prospects in its existing acreage, Exoma has identified a series of oil leads in its four new permit areas.

These leads are in close proximity to the mapped source of the oil encountered in ATP 999P and the results from Katherine West-1 will assist in maturing these into drilling prospects for 2013 and beyond.

Wireline logs and flow rate test samples had indicated the oil columns encountered at Katherine West-1 were not commercially producible.

The bulk of the oil in the formation appears to have been displaced and the residual oil is heavily water cut.

Katherine West-1 will be plugged and abandoned and the rig released to drill Scotty Creek-1.

The Katherine East-1 prospect will be drilled after the technical review of the Katherine West-1 results are completed.

Both wells are part of the drilling program of up to 22 wells that Exoma and Chinese major CNOOC are drilling across their 27,000 square kilometre joint venture acreage.