I dont believe so.
Heres something worth reading IMHO.
While the article is about bru,theres a couple of paragraphs which are Salient in regards to OBL IMHO.
"Conventional oil is only an appetiser as work is about to begin on a second phase of drilling for deeper gas in the Laurel formation, a sedimentary layer which spreads more or less continuously across the greater part of the Basin for depths of up to 3 kilometres. Independent experts believe Buru’s half share of the Laurel formation dry gas is likely to be 47 TCF with “liquids” at over one billion barrels. Other deeper formations also giving indications of dry and wet gas could extend these numbers by 10-30%.
To give this 47 TCF some proportion the greater Gorgon is estimated at 40 TCF and the still to be discovered gas in the Gippsland Basin is reckoned at 6-10TCF and so for 3-5 TCF for BHP.
It should be said at once that this is not an apples for apples comparison. Gippsland’s gas fields are largely free-flowing and shallower than the compacted deeper sands, mudstones and shales of the Canning. While the Canning’s gas bearing intersections may be 10-15 times thicker, this is largely “tight gas” requiring fracturing with highly pressurised water, sand and solvents. Gippsland also had the advantage of relatively shallow off-shore depths (although deep for the time), proximity to the one of the country’s largest population clusters and large oil pools to propel the economics of development."
OBL have the luxury of been in both locals.
OBL are playing for sheep stations.
Time for cool heads to prevail to reap the eventual rewards,weather that be a buyout now at a very cheap price or after some production by us,time will tell.
Raider
OBL Price at posting:
0.6¢ Sentiment: None Disclosure: Held
