Do some research on this. OBL are VERY excited about the shale gas. If you read between the lines of the latest two price sensitve announcements you could possibly come to the conclusion that a significant JV is imminent.
From the latest In addition OBL has beneficial rights to 80% (increasing to 90%) of another block to the east, the Backreef Area, that is drill ready for a deeper stratigraphic target and we may seek to widen our CSG assessment to include this location as well. OBLs intention there is to drill Backreef-1 during 2010 and to also assess its overall gas prospectivity, which may now include both assessment of CSG and Shale Gas plays in addition to the deeper prognosed oil target defined by seismic inversion (see the Companys ASX Announcement dated 18 February 2009 Independent Expert Report of Backreef Area). Again, this assessment will be conducted in-house and, after consulting the titleholder and relevant stakeholders, OBL will make an appropriate ASX release. The Company believes that these overall prospectivity attributes at both 5/07-8 EP and the Backreef Area may create significant new investor interest in the Canning Basin.
PS. It has been said that over 500 mtrs of shale gas could be cored in the one drill. Research the term seismic inversion and marine shales. OBL have these. MASSIVE target here close to infrastructure will get the juices flowing of MAJORS!!!
OBL Price at posting:
3.6¢ Sentiment: Buy Disclosure: Held
