chart 02/07/09, page-12

I am not sure whether there will be a retrace in light of the June 25th Presentation entitled 'Tight Gas - A lonely Journey'. I tried to get a link from the Lakes Oil website, but I get an error message.

For those with access to Commsec, here is the link to the research;

http://imagesignal.comsec.com.au/asxdata/20090625/pdf/00963669.pdf

The presentation indicates that there is huge potential for both Oil and Gas with the refracturing process - basically it enables a single well to access production from several levels by this refrac method. No need to drill and erect more derricks etc.

They are close to gas pipelines and the Longford gas plant -- they already have sufficient gas to go into production. This will enable conversion of brown coal power generation to gas-fired, more green friendly.

Downside is that there are ~ 4 billion shares.

Bottom line for me -- this ann will be the first of several boomers -- this will help with the share dilution problem.

I'm onboard for the long run.

cheers