"NGE plans to test its primary target, the prospective Panakawa Prospect in mid 2010. The company is in the process of securing a suitable drill rig and necessary preparation for the testing well. A 5bbl/day oil seep has been identified on the prospect with 170km of seismic data collected as part of the field work. Results from the field indicate the Toro Sandstone is estimated to have PMean of 187MMbbls Undiscovered Oil In Place. The prospect is located 1km away from the logging and Veneer Plant wharf which is currently used to export products directly to the international markets via ships and barges. MPS expects this tenement to be a price driver for NGE as the existence of oil is clearly present. NGE has to drill the targeted oil seep source and quantify the resource size."
That last line is important - There is oil in this permit, it is coming out of the ground. NGE just have to make sure they hit it, and how much...
P90 target: 24 million barrels of oil based on a 6.5km2 closure
p50 target: 202 million barrels of oil based on 30km2 closure.
Some have mentioned that they might drill the new 667 drill following the Panakawa drill.. Note that its 10km away and accessible by existing logging tracks.. Its almost a certainty in my opinion..
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