there is far less 'discovery' and much more 'analysis' in the shale gas plays - they have in effect already discovered the reservoir...now they have analysed the data and believe it is good to go. I think about it more like turning the key to unlock the resource than it is trying to drill and find the reservoir.
this is not your typical oil drill where you identify your target with a few scientific vagrieties.
this news is awesome. so very very awesome. with a MC of a mere $41m. to give you an idea of the prospective size of what we are looking at here, have a quick flick through EXCOs transactions on their Haynesville Shale.
Bruce just might have pulled a pidgeon well and trully out of the hat on this one. we might be 12 months away from some flows, lots of logisitcs and approvals still to come, but I certainly am going to play this as a multibagger from here.
Cheers,
SF
OEX Price at posting:
21.5¢ Sentiment: Buy Disclosure: Held
