The other conveniently 'overlooked' fact (overlooked by many) is that 'wet gas' = condensate.
Time frames in this business are also one of those 'beauty is in the eyes of the beholder' factors. i.e. I remember researching the Canning Basin and the players such as BRU and OBL, at least as 'far back' as 2009. In fact, some of the areas around Backreef had drills into the ground as 'far back' as the 1980s. There again, over in the good 'ol US of A they were drilling 100 years ago, or more, for oil in Pennsylvania and Texas,at the start of the oil revolution which changed the world forever.
Anyway, we could go on forever on whether OBL has potentially huge gas, including 'wet' gas, and/or oil, including conventional or/and unconventional oil, in the Derby block. Drillings are getting deeper and more efficient as technology improves, so who really knows what lies below at (for example) the 'Go Go' formation in Backreef until the drill bit gets down there, one day. Time will tell. I am holding for the long term, where 'long term' is measured in years. So I will wait patiently. It should be fun watching the story unfold.
OBL Price at posting:
1.7¢ Sentiment: LT Buy Disclosure: Held
