This is extremely good news. From my observation of oilers the...

This is extremely good news. From my observation of oilers the most significant announcement that can be made is'nt that of discovery or even commercial production but that of reserves.

I quote the MD "The Paloma Deep #1 well represents asignificant milestone which could transform the resource base of the company. We have now proven up two potential Monterey Oil Shale zones in the Fruitvale and Lower Antelope, in addition to gas/condensate in the Lower Stevens zone. We are bringing forward the drilling of Paloma Deep #2, one month ahead of initial projections, and the well is expected to yield sufficient information to complete a reliable resource assessment."

The sp should rise over the next wee while as the reserves announcement fron Paloma Deep 2 is anticipated.

People/organisations will no doubt be attempting estimates in the meantime which may or may not be evidenced in broker reports.

This coupled with the Vietnam partner announcement due soon should see a short term sp rise while we wait for the reserve figures.