Ann: Phoenix South-1 Oil Discovery, page-35

This is excellent news, a predominantly Triassic oil discovery that's got to be a first in Australia. I thought most of these large/massive triassic fault blocks had to be gas targets as further south they are all gas dominated. Makes me wonder whether the source rocks are different here and whether pheonox-1 has to be re-assessed or whether we have an oil leg in phoenix south that's part of a larger structure connected to phoenix-1.

Anyway what we have is ~300MMBLS of oil in place as stated by Apache and probably somewhere between 30-150 recoverable which implies sufficient quantities. The well will be deepened and we might even get a flow test if possible. I'm hoping of close at 30 cents and a run up to $1 or more as this is truly hardman sized stuff.

This is my opinion.