potential of s.a. oil and gas field is huge.

Have bought into this company recently and am surprised at the lack of posts surrounding it, Adelaide Energy is sitting on a lake of oil in the South-East of South Australia and have the potential to go through the roof.

Just referring to today's announcement that they are spudding Patrick 1 this weekend, the 3D seismic has been proven from the Jacaranda ridge well to Holick 1, now the company is going to spudding another four holes. All of these holes are going to be successful IMO, therefore the potential of this companys SP to go much higher is massive. Currently i am seeing very little downside as the theory has been proven from Jacaranda to Holick 1 for the other wells to be successful.


Carl Dorsch (MD) states in todays announcement:

Patrick-1 is targeting a P50 recoverable resource size of over 300,000 barrels of oil/condensate and 1.3 PJ of gas. Additionally the prospectivity for the total permit has been enhanced significantly given the preliminary results from Hollick-1. Our total estimates for PEL 255 are that it could have a P50 recoverable resource of more than 5 million barrels of oil/condensate and 16 PJ of gas. On the high side, our P10 recoverable resource estimate is 14 million barrels of oil and 50 PJ of gas.

Now i have had a look at their website and have found that their estimates of the Otway recoverable oil was half of what they have released in this statement today.

Website states:

The findings of the report indicate that the mean potential 2P (P50) reserves in place previously announced for the Jacaranda Ridge-2 discovery well of 0.3 million barrels of oil equivalent (mmBOE) have increased by a factor of 25 times to 7.7 mmBOE


If we look at the recoverable oil alone being 14 million barrels of oil, the potential of this company is huge.

Anyone care to work out how this may effect the SP moving forward...