bell potter report, page-2

The Sugarkane Field
The “Sugarkane” field is a trap of around 50 kilometres by 20 kilometres. Unlike the well-known Austin Chalk fields, which produce from fractures in tight chalk, the Sugarkane field has porous chalk, apparently as a result of early oil entrapment. The Sugarkane vertical discovery well is highlighted in the attachment and this well, owned by Connoco-Phillips and Texas Crude, a private US company, has been producing gas and condensate for the past year. The gas has an exceptionally large condensate content (more than 250 barrels per million cubic feet of gas) so the oil (condensate) production is worth more than the gas.