A junior with good cash flow from NSA oilfield in California.
Has many projects in front of it that are drilling/ near drilling/ permitted to drill.
Projects range from very low risk to frontier risk offshore. Small to elephants in size.
Low soverieign risk exposure in California and Vietnam, higher in Indonesia where latest and least developed project is located.
Vietnam acreage contains elephants larger than the HDR success story and with better access to infrastructure and markets. Drill programme expected this quarter for drilling in 2012.
Paloma Deep discovery made last q/11. Currently testing and looking highly likely to be commercial based on partners recent ASX release. Extra acreage being pursued.
Paris Valley oilfield development in 2012. Heavy oilfield in CA with past history and 100mb oip. No exploration risk.
Kettleman middle Dome shale play...currently drilling on a free carry of US$10.5M over 3 wells. Surrounded by big players like Chevron, Occidental, Veneco. Zodiak. News hopefully this quarter.
Various other CA projects.
Latest project in Indonesia. Not alot known but drilling along way off at this early stage.
