oil strike, page-24

Zekane,

Sorry, I forgot to add yesterday that the greatest time delay between discovery and production from a new field relates to obtaining a petroleum production licence or production lease (which is why, for example, the Parsons Oil Field production is not expected to commence until the second quarter of 2008).

For example, Parsons is in PEL 92 in South Australia (in SA PEL stands for Petroleum Exploration Licence). To produce from a field in SA it has to apply to the SA Govt for a PPL (Petroleum Production Licence).

This South Australian PPL application entails a lot of paperwork (environmental plan, rehabilition plan etc etc) that will need approval by the relevant SA Govt authority.

All takes manpower, money and more importantly time.

Cheers

P.S. It is good to see that we are finally getting some share buying momentum behind BPT (has been sub 6 million shares traded daily for the last month) and a consequent lift in SP!