Oilking,I presume you meant OGY not OXY ?Yes you could well be...

Oilking,

I presume you meant OGY not OXY ?

Yes you could well be right that the Murta formation regionally has 1 billion barrels plus of OIIP.

However following the PEL115 farm-out Orca only has an interest in @ 5km2. Both the Burruna and Fury blocks have @ 14M of the Murta.

The recovery factor is going to be key, but even the 3C number of 7 million barrels of oil with a 20% recovery factor, only produces 1 million barrels and Orca's share would be 200,000 barrels, which you wouldn't sneeze at because of the company's size, but isn't company making.

I had been looking/hoping for @ 1 million barrels net to Orca for the Murta and another 400-500K for the Namur when I invested, both look likely to disappoint me. However they will provide good cash-flow which will be used for more company making opportunities in the 2 other prospects.

It will be interesting to see where SXY locate the Murta horizontal test well in relation to Orca's blocks.

PEL 110, is the more interesting of the Cooper Basin blocks, as it is much larger in size and already had 7 prospects associated with it. Will be interesting to see what the 3D revealed. Confirmatively or non-confirmatively, about there size (some prospects upto 8 million barrels)and possibly totally new ones! (which when you go back through the old data Burruna turned out to be!!)

SXY sure do have a good understanding of the 3D data for the whole Cooper Basin now, so I'll be watching out, to see how quickly they decide to start drilling on PEL110 given the amount of prospects SXY already have to choose from.

If your seriously looking at investing in Orca, then you need to take into account the "Seabiscuit" prospect in Texas. I didn't to begin with, until I dug and dug and finally got to the bottom of it all.

Its a multi-multi-bagger prospect.

All the best

LOTM