In the last 24 hours the well has fully penetrated the target...

In the last 24 hours the well has fully penetrated the target section which in comparison with
nearby Flax and Juniper wells, appears hydrocarbon saturated.

From the Flax East 1 ST1 mudlog, good gas shows and oil flouresence were associated with
potential reservoir sandstones in the Patchawarra Formation and Tirrawarra Sandstone interval.

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Does this mean that we have now have a much bigger reservoir joining up Flax and Junpier in PEL103? Already cash flow positive with oil sale contracts, this junior oiler is looking great.

Cheers,
Richard.