It's all about Ambassador's PEL570, majority of which sits smack bang in the Patchwarra trough & has a decent 'deep' unconventional play (ie thicker coals as well as tight sands/shale). Innamincka had the surrounding tenements where Crocus South is located. Santos retains the surrounding blocks with its Lamdina, Cuttapirrie & Bookabourdie fields.
Furthermore block 570 is sandwiched between 514 (A&B) where Senex brought in Origin to stump up $252m to drill 15 wells + seismics in late Feb'14. Will b interesting to see DLS's response.
DLS Price at posting:
$1.53 Sentiment: None Disclosure: Not Held
NSE Price at posting:
17.0¢ Sentiment: None Disclosure: Not Held
AQO Price at posting:
33.0¢ Sentiment: None Disclosure: Not Held