This article from AGE in...

This article from AGE in 2004

http://www.theage.com.au/articles/2004/01/27/1075088020325.html

Oil find blows Innamincka sky-high
By James Chessell
Sydney
January 28, 2004

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Innamincka Petroleum shares soared yesterday on hopes the Queensland explorer would become the Cooper Basin's second supplier of oil and gas behind Santos.

Innamincka shares surged 43¢ to close at $1.12 after the discovery of its first oilfield at the Flax 1 exploration well.

The stock has now almost tripled in price since Friday, when managing director Ross Wecker announced a second gas discovery on its Cooper Basin land and suggested it might take on Santos by building its own gas processing plant and pipeline.

Innamincka made a quiet sharemarket debut in November after raising $6 million at 20¢ a share, but has quickly found favour with investors after several promising drill results at its PEL-103 joint venture.

The stellar sharemarket performance will no doubt please its list of high-profile shareholders, including Macquarie Bank deputy chairman Mark Johnson, RG Capital's Tim Hughes and Marco Belgiorno-Zegna, formerly of the Transfield empire.

But while investors are punting that Innamincka is sitting on large oil and gas reserves, the company will not release preliminary reserve estimates until next week.


Friday's gas discovery has raised hopes that Innamincka could become a second Cooper Basin supplier, although Santos remains the logical buyer for any finds.