Gee, I wish I had some Heritage Oil shares. Maybe CIG will get it right and find the millions of barrels of oil in the area.....
My brother in law is visiting from NZ and he is currently a health and safety consultant on different ships looking for oil all around the world. He was talking about how the ship sails a grid and does the initial 2D seismic reading and then once they have found what looks like oil they will do the 3D seismic to gauge depth and width and then if viable will start drilling. Admittedly drilling at sea is alot more expensive but I couldn't remember if CIG has access to any 3D seismic data for the local area or if they was going to commission any - or will they wait for Santos. Seems to me the 2D data they have does not appear that good else why some many failures in the first year of drilling at shallow depth. Even there last attempt to find new oil failed. It seems to be this is really crucial as each time they drill it costs up to $1million dollars or more...
CIG Price at posting:
12.0¢ Sentiment: LT Buy Disclosure: Held
