1 billion barrels of oil potential, page-13

El
Yes, while the punters are hungry, ADX will remain buoyant and we don't need to care about details.
I will be more convinced if a respected industry player does in fact farmin, or at least if PGS sign off which is now overdue.

For now, ADX have built an interesting blue sky case, based on 2004 2D seismic. However, presumably that's the same seismic the vendor had access to prior to selling the permits to ADX/KIK for several hundred thousand dollars.

If Shell had farmed in instead of WER, then I would have no concerns. As for WER, maybe they are OK, despite using telemarketers to flog units in an exploration permit.
Is WER's exposure to drilling costs capped ? You'd think so for the sake of the unit holders.

I note some other wells/developments in the area have required frac stimulation and/or horizontal drilling to attain commercial flows, but that's a long way down the track..