I can only imagine that in the long term that this will prove to be very good news for the company. The new leases are to the west of existing leases. Drilling at Bessies-1 last August revealed encouraging gas shows and free hydrocarbons. Bessies-1 is pretty much on the western border of ATP999P. To the south east we have Katherine and now to the west we have the expansive new leases. One can only speculate that it is very likely that the gas and hydrocarbons extend into the new leases.
Mind you, I did say I think this will be good news for EXE longer term. Right now you could tell this market that the pope, Albert Einstein and Lady Gaga were coming to dinner and it still wouldn't get excited.....but this too shall pass.
EXE Price at posting:
13.0¢ Sentiment: Buy Disclosure: Held
