Woodside started playing in an untested province, where no-one really knew if there was anything there or not.
Lakes Oil is playing in an onshore area that is known to be crap since the 1920s.
Lets look at what they paid in the Wombats, versus what they got. Three deep holes, with multiple fracs, for a total of maybe 100 000 cubic feet of gas a day.
Rob Annells is absolutely brilliant at raising money, but it's the company's core competance.
Ian Whitchurch
PS If you want the next Woodside, you want people with big positions in greenfields acreage ; Pancon, Global and Baraka fit that model. Cooper, Essential Petroleum and Bounty have good chunks of greenfields. Central Petroleum and Rawson Resources have chunks of the Perdirka Basin, which is like the Cooper Basin if Gidgelpia-1 hit tight sandstone and flowed at half a mmcf a day.
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