Here's a short story for you. Once upon a time (6 years ago)...

Here's a short story for you.

Once upon a time (6 years ago) there was a company based out of Mt Martha (VIC) had the exclusive rights to GST (not the tax system), which they effectively used in the Gippsland Basin to find shallow oil deposits, b4 going West for offshore explorn acreage in the Browse basin. GST has been renamed as GS. It has been applied to worldwide.

Here's a link for some leisure reading.

http://www.gore.com/en_xx/products/geochemical/environmental/surveys_environmental_modules.html

Worth checking out Magellan's presentation on the 10th of May. They have a stake in the Mereenie & PV field in the Amadeus basin, NT.

Will give u an idea when it comes to putting a dollar value on Johnstone at some stage in the future.

As per slide 18 on MGN's preso, their partner Santos r likely to flog their 65% in Mereenie & possible 48% in PV fields. This slide has a $ value of $220m (gross reserves). Worth a read on the ASX site. U can get the exact reserves

Link to Magellan Petroleum's Amadeus basin.

Link to Santos site