Have a look at AED, for example. They announced a flow rate of 15,000bbl/day of the sweetest crude imaginable (it commands a premium of US$6 or US$7 above STI) from essentially a new field back in May 2006. Since then a second well has increased the total flow rate to 30,000 (that's AUD2.8m/day revenues), and recoverable oil has increased from 13MMbbls to 100MMbbls (AUD9bn), with a whole lot of exploring yet to do. The limits of the oil bearing sands that contain this oil have not yet been established.
They should produce first oil next month, but so far no indication of a sniff from the majors, yet you believe Richard when he says that as soon as GDN have a commercial well, they'll be taken out by a biggy?
GDN Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
