With Windermere about to start drilling in the next week or so, the announcement of Vic/P41 being renewed is great news in the context of recent talks with the Chinese.
In simple terms:
1. BAS have gone to the trouble to renew this tenement. This shows that they believe it is worth their trouble.
2. Vic/P41 should contain large potential drilling targets. Success in these types of targets are company makers.
3. We know that the Chinese have $$$ and are talking to BAS about their leases. Hmmm...I like the possibilites here.
If the drill bit is kind at Windermere (and given oil shows in 1987, the odds are better than usual wildcats), BAS might be heading for a possible re-rating.
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