This is wild, could have massive positive ramificationsie this...

This is wild, could have massive positive ramifications

ie this might be bigger than anyone could have imagined.

Encounter-1 was successfully drilled in late 2010, intersecting shales 30% thicker than expected. Holdfast-1 was spudded in January and confirmed the thickness of the shales. The REM section and additional tight gas sands of the Daralingie and Patchawarra formations are interpreted to be gas bearing, which is significant given that these were intersected outside of the structural closure. These sands, together with the off-structure Toolachee formation that were intersected in Encounter-1 could potentially add significant volumes to the resource at PEL 218. Analysis of the REM results suggests favourable gas charge, pressure and mineralogy. Samples taken has similar mineralogy to major US gas plays with 40-60% Clay, 10-20% carbonate, 25-30% Quartz and TOC of 3-5%.