They haven't, but oil and gas is very different to drilling for ore as you would know. At a cost of $15-20m you don't just sink a quick hole to see how you go. it's also a matter of IF a hole is drilled to such depth, and readings come back good, things progress very quickly including being able to produce in a very short timeframe.
The other oil and gas plays on the ASX are unconventional plays or offshore in many instances. Once you're talking fracking you're talking far less likely to be economic (obviously due to having to artificially stimulate the wells) or offshore much harder to drill and commercialise if successful.
This is not a sure thing, however from my research and speaking to various people in the industry, the risk/return offer is very good from here. We also have an MD that has been a part of a recent large onshore discovery in AUS that was taken over. Many other African plays coming to production now seems to show similar characteristics to this but could also come to nothing. At a $15m MC happy to take a stab, if this gets drilled, I'll have already taken significant profit.
IVZ Price at posting:
4.8¢ Sentiment: Buy Disclosure: Held
