results not released but seismic study done , page-3

HOLYMAGIMAN IS WONDERING WHAT HAS CHANGED....HAS ALL THE OIL SUDDENLY DRIED UP AND DISAPPEARED???


Article from the Adelaide Advertiser on Monday 26th March 2007, page 46

Ref:
SA oil rush brings another
explorer now ready to list
ANTHONY KEANE
OIL and gas explorer SAPEX
expects to launch its longawaited
initial public offer on
Monday next week and list on
the stock exchange on May 11.
The IPO, initially flagged in
October last year, will seek $12
million from investors to fund
a petroleum hunt across more
than 74,000 square kilometres
of South Australia's Far North.
Adelaide-based SAPEX was
part of a native-title land access
deal late last year that
more than doubled the area of
SA being explored for oil and
gas. The company is targeting
the largely unexplored Arckaringa
basin, and is also examining
coal-seam gas possibilities.
SAPEX managing director
Andrew Andrejewskis said yesterday
the company planned
to drill two wells this year
somewhere between Coober
Pedy and Oodnadatta.
"We have 26 leads that we
are working on," he said.
"We're anxious to make a discovery
in this forgotten basin.
SAPEX's prospectus was delayed
late last year because of
"minor technical issues"
raised by regulatory authorities
which pushed it too close
to the quiet Christmas period.
The company has also scaled
back its offer from $15 million
to $12 million.
Mr Andrejewskis said the
market for IPOs had softened
in recent months amid share
market volatility.
However, $12 million was still
enough for the Arckaringa
Basin exploration program.
"The area has been assessed
by previous explorers to have
oil potential of more than 900
million barrels before considering
the associated risk factors,"
Mr Andrejewskis said.
He forecast high oil prices to
remain. "I think they will be
around the levels they are now
for a long time to come."
SAPEX is offering 60 million
new shares at 20c each and
shareholders also will be entitled
to free options on a onefor-
two basis.