I think they will be talking about tucking oil to Moomba. From there they can pipe it to Adelaide or Brisbane, as there is a pipeline either way.
It would be a great problem to be concerned about, logistics of oil transport, but I feel we need to find the oil first. lol. At least we know they have been thinking ahead.
As for time lines for drilling Pata #1. The Pre-Permian has been very hard and abrasive. The Haystack well was getting less than a day out of a 6 1/8" bit before they had to trip it. I know there is a better selection of bits for the 8 1/2" hole they are currently drilling, but it will still be hard slow going.
Hopefully they keep their fortnightly reports coming on time. Not sure where they set the 9 5/8 casing. Whether it was in the ground when they got their show or was run at the bottom of the Stuart Range.
I finally worked out where Gustavson got their optimism for the Pre-Permian. The Pre-Permian, is actually the Officer Basin, which under lies the Arck. There had been oil shows in wells from the Officer basin in the Cambrian and Pre-Cambian, but no commercial finds. They are hoping that these same rocks continue under the Arck but their structure is more conducive to oil accumulation.
We should know a few weeks?
LNC Price at posting:
99.5¢ Sentiment: Hold Disclosure: Held