Some info I found regarding XOM's Bass Strait crude from XOM's...

Some info I found regarding XOM's Bass Strait crude from XOM's website:

Full spec here http://cdn.exxonmobil.com/~/media/global/files/crude-oil-sales/crude_oil_gippsland_blend_assay.pdf

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Gippsland Blend


Production and handling
Gippsland crude is produced offshore in Bass Strait, south east Australia. Production began in early 1970s and is currently ~50kbd. ExxonMobil and BHP each hold 50% equity. ExxonMobil is the Operator.

Load Port Data
The crude is loaded at the Long Island Point Terminal, Westernport (38Deg 20'S, 145Deg 15'E).

• Max DWT 150,000 KT
• Max draft 15.8 metres
• Max loading rate 53,000 bbl/hr

Characteristics
Gippsland crude is a high quality, extra light, low sulphur crude. It has high quality naphtha and gas oil, along with a low yield of vacuum resid.

• Gravity (API) 55.4
• Sulfur 0.04%

unquote

If LKO's crude oil is anything like XOM's crude oil (likely, it is not typical to have heavier grades and lighter grades produced from the same province), there is a good chance that LKO's crude is more likely to be on the lighter end of the spectrum.

But that is speculation on my part.

The good news is that if LKO's crude has a similar profile to XOM's (light, easily refined, low sulfur) it wold sell at a premium to most benchmark crudes.