Huizenga, who noted Carnarvon was prevented by ASX rules from...

Huizenga, who noted Carnarvon was prevented by ASX rules from waxing so lyrical, said Wehr's enthusiasm and descriptors "really shows that this is a significant discovery".

"It's 50 degrees API and very light," he said.

"There hasn't been one like this in many years."

"The Baxter we only drilled to put the logging tools in," Huizenga said, with the discovery of gas-condensate a pleasant surprise.

"What we don't know is how deep it goes. It certainly has the ability to have an impressive size," he said.

The JV was two wells on the go: Dorado-1 and the nearby Phoenix South-3 appraisal well where the results to date have been consistent with those encountered in Phoenix South-2.

"We're just about to drill through the reservoir section," he said.

Huizenga said the fate of the gas from Dorado and Phoenix South will depend a lot on size.

"We have to step back and say what do we do with this piece of the puzzle? If it's one trillion cubic feet, or under, it will go into the domestic market. But if it's bigger it can go to backfill to other LNG projects or mini floating LNG," he said.