announcement given todays price increase?, page-14

Herald Sun Posting (John Beveridge) this morning 26 Jan 2010 reads. ; At least the Stock is still in the News.

"OIL and gas discoveries tend not to make much of a dent on the public consciousness, even if a fair chunk of Australia's future prosperity relies heavily on them.
So it will come as a bit of a surprise to most of us to realise that in the last year, when oil prices rose 75 per cent, Australia produced two of the best discoveries in the world.

Judged by leading industry employment and information provider Rigzone, only the exciting oil and gas province of the Gulf of Mexico matched offshore Western Australia by producing two important discoveries.

Making up the rest of the top 10 were big discoveries made in waters off Brazil, China, Israel, Britain, Venezuela and West Africa.

The two in Australia were in the same general region of offshore WA -- the Browse Basin and the lower Carnarvon Basin.

According to Rigzone, the Karoon gas joint venture's discovery of a 200-metre gas column in its Poseidon-1 well could be one of Australia's biggest gas resources, even rivalling Woodside Petroleum's first North-West Shelf discoveries which now feed our largest LNG export terminal on the Burrup Peninsula near Karratha.

It is early days yet though and a second test well (Poseidon-2) is still being drilled to test what is thought to be a very large but complex gas field."