I doubt it.
The reason is that the other Kenmore wells found oil in the Hutton sandstone, rather than in the Cadna-Owie, which is what their current Kenmore well is now drilling in.
In any case, I think their share price is going to trade around 36 cents until we find out what they are going to spend the $30m on from their recent massive capital raising (remember, you can get $5K of new shares at 36 cents, so that provides a ceiling for small investors. Big ones will just go to Euroz. Thus, no short-term upside).
Ian Whitchurch
more oil????????????, page-2
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