It was through the drilling of PS1 that oil was discovered when they were only actually hoping for gas.
From the data recovered, they deemed the discovery to be the biggest in Australia in the last 30 years.
Now, where exactly that oil is, is the next big question. Is PS1 the start of it or will they have to drill multiple wells around it to actually find it and get it out.
Commentary and speculation so far is that the market is probably assuming that PS1 won't be commercial, but the oil will still eventually be found. That's why many are already looking to the Roc prospect, scheduled to be drilled around mid year, as the most likely to find the mother lode.
If so, expect every predator under the sun to throw offers at CVN left, right and centre, including the Macquarie led group that Apache are in talks with, as they try and strike up a deal to sell everything in Australia and move on.
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