As I said before they started this drilling campaign, they do not have a good handle on the seismic at the Pre-Permian depths, but the good news here is the fact the formation is thicker and deeper, rather than shallow and or non existent, as in the first time around.
The fact they are willing to go deeper indicates that enough stars have aliened to justify spending the extra cash. Their 9m of organic rich rock, I am sure will be tested for shale oil presence. So you never know your luck.
I realize the stakes are higher with this campaign than the last, but at least they are actually finding oil type things, rather than the totally non existent formations last time. Sorry last time they did find a report while they were drilling, which could have been written without drilling the wells, that people went nuts over. I just suppose it was a different time in the market that brings different results to the share price!
Lets hope something good shows in the next 480m as these were their main formations they were heading for. Remember the Magnia #1 oil show was dated to have come from the Pre-Cambrian.
I heard a great quote about gold prospecting, which I feel has some good parallels here. "There has been many a good gold play, ruined by drilling it" or words to that effect.
PS. was this report released unprompted? Maybe they are learning at last. Thank you Mr Linc.
LNC Price at posting:
99.5¢ Sentiment: Hold Disclosure: Held
