I hear is shifting to shallower near shore oil opportunities, as...

I hear is shifting to shallower near shore oil opportunities, as opposed to deep, stranded gas prospects.

I had a couple of beers over the weekend with with a friend who follows the sector more closely than most. Going through a few of our under performers, he was keen to show me this huge blockbuster target he had recently come across.

He started off the huge discovery Apache recently made.

He drew my attention to a slide titled, "Carnarvon's footprint in the North West Shelf" in the following presentation.
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Then explained how the channels carried sediments and organic matter out to sea a couple of years ago.

He then pointed out to a huge channel further to the NE of both the Phoenix South discovery, but also Ungani in the Canning. He then postulated that there may just be some very large targets offshore in a similar setting.

A few beers later, slide-3 (below) is popped out-

http://www.meoaustralia.com.au/cont...ry Information - APPEX 2014 Presentation.pdf

Check out slide 11 - in an upside case this is a 3,500,000,000 barrel prospect of RECOVERABLE OIL, about a dozen times larger than the Phoenix discovery by Apache/CVN recently.

Bring on a hardcore farm out.