Seriously, page-16

" I say this because as far as I know a basin centred gas accumulation has not yet been proven in Derby and if one is it will might take a lot of wells to find it and even more to quantify it ."

striebs, you are correct, just as "one swallow a summer doesn't make",one or two oil or gas wells doesn't define a "field" either.

While its entirely possible," we could come up empty in the Canning",I suspect this will no be the case, given the multiple of different play types in the Canning.

I commend you to read the attached report from the DMP.

Summary of Petroleum Prospectivety in the Canning Basin

http://www.dmp.wa.gov.au/documents/basin_summary.pdf

While some here striebs are only too quick to put the slipper into Management,I am not.
One of the reasons ,is that they have not sat idly by,banking solely on the Canning Basin asset.
Our assets in the Gippsland Basin are very sound,and for the most part de-risked at that.
Its worth noting striebs bas is in a trading halt for an equity raising, a quick perusal of their latest presentation says their on the lookout for new acquisitions.

http://hotcopper.com.au/threads/ann-investor-presentation.2458487/?post_id=14766363

After the SAT results are known striebs,it will be time for management to execute the corporate plan.
Sell Shelf oil pty ltd,and secure a major farminee for the Canning.
Should management achieve both of the above,I will be happy to support them striebs.

I leave you with a bas SHrs thoughts.


"Latest merry go round. BAS was part of Vic P47 but recently pulled out.
Vic P47 now 100% OBL effectively ( 50% each OBL 50%,shelf 50%, Shelf, fully owned by OBL)
OBL have put Shelf Oil up for sale.
Vic P41 Operated by BAS. 64.565%. OBL 35.435% effectively( OBL 17.935% ,Shelf 17.5%)
The plot thickens .
Question is, are the internationals interested in this set up.?
Or will Cooper ( COE), take out Shelf ? OR WHAT?

http://www.asx.com.au/asxpdf/20141117/pdf/42trtfv5xflzvz.pdf

Cheers IFINO"


http://hotcopper.com.au/threads/obl-to-divest-shelf-oil.2404702/?post_id=14306026#.VPOeYC4VSSo



Raider