huge numbers from independant report, page-11

Thanks for that nice summary of the main points, mai_chai.

Geographic area covers over 4,000 sq kms.

I did not mention the P10 figures, in case someone accused me of ramping it up. The P10 estimates assume OBL drills down to the 5,000 metre level.

The P50 estimates assume drilling down to the 4,000 metre level.
Main targets are the Devonian levels of the Laurel formation and the Go GO formation but there is a possibility of finding oil in the Goldwyer formation (which KEY is currently drilling into, to the west of the Derby Block: note to self - check KEY's recent announcements). The Anderson formation also gets a mention.

The conventional oil figures of 130 MMbbls would be enough to pay for exploration and more, at current oil prices. Director's salaries should not be an issue if they get any oil discovery!

The significant amount of potential (P50) condensate would be 'a nice little earner', as condensate fetches top prices, as far as I understand it.

The significant gas potential could feed into pipelines proposed in the area, or heading south to Perth, or a national gas pipeline, as has been discussed by Tony Abbott, while talking to the NT's Chief Minister re: saving the Gove mine (see latest online version of the NT News).

The Native Title determination (see page 25) states OBL will be recording 500 km of 2D seismic in Year 1.

A nice 3D image (see page 21) shows:
"Model shows change from shale dominated areas, to carbonate dominated areas, similar to fields found in the Middle East". The yellow colour denotes the potential carbonate dominated areas and these seem to dominate the middle of the Derby Block.

Most of the 3D stuff seems to have been supplied by a Dr. Keetley, who holds a PHD and is a geophysicist, I think (it's in the disclaimers at the start of the overview).

All the above information taken from the OBL Derby Block overview dated 14th Feb 13. Updated reserves are based on the BRU figures put out on the 8th Feb 13, according to the OBL overview. As always, DYOR.