eureka, page-19

Hi pete11,
You said "If the hydrocarbon fluorescence is between 889m - 1112m, than why bother drilling to 1800m?"

Well they had to drill to their pre-determined depth in order to qualify for their 90% of the Backreef interest.
They have done that and also gone deeper to the GoGo shale as they are reported as source rocks for hydrocarbons as well.

So, they have evidence of hydrocarbons. 223M is quite an interval and if the formations are tight then they will have to frac. IMO very encouraging still and due to evaluation of this hence the cautious ann. made.

Chadza, Oil does not have to flow to the surface to be successful. I can't find any information that Blina did, but they are still pumping it out.

With what has been found so far, they have obviously considered it worthy of further investigation. That sounds good news to me and at least if they decide to drill another hole on the strength of it they are able to legally do so providing they have the funds, the rig is still available or Buru (who has found ziltch)come on board with a joint program.

All is not lost and they still have options up their sleeve; that which they have recently acquired plus the CSG prospects and their interests in the Bass Strait.

The leverage is still there.