pel/pela map nvg, lnc, ede, page-85

Nihilism,

Based on the reports, LNC sent the samples to AWT international and Intertek Geotech, who both concluded that, although the source rock is rich (high TOC and Hydrogen index), they were immature... and if they squinted at the numbers for long enough they could make out that they were early mature.

Gustavson nor D&M saw the samples, and they purely relied on information given to them by Linc Energy. That information was "not indepedently verified", ie they did not establish contact with AWT or Intertek.

You'll also notice that they come up with a shale gas resource estimate... I mean that's a dead giveaway that their estimates are just plug in the numbers and print the result type assessment. "This assessment estimates prospective gas resources without consideration as to whether they might include, CO2, N, or other gases." And approx half of the reported resource is supposedly gas.

Peter Bond specifically says the "shale is expected to be in the oil generation window". Whereas the analysis by AWT and Intertek indicate that this is not the case. Is it newsworthy? probably as a news item stating, Linc sinks $100m into a pipe dream and loses out. Of course, you need to balance the risk with the potential reward, but it's been known that the Arckaringa has little shale oil and ZERO shale gas capacity.

"as thats trying to play the big boys games with a water gun in desert."

I like that :) But I don't mind playing big boys games.

I spent a couple of years running a course teaching tertiary kids how to write and interpret these sorts of reports. Unfortunately Bondy didn't partake in the classes :/