It seems to me that the importance of SXY's recent success at Panning-2 has to some extent been overlooked in regards to the impending drilling on PEL 514.
SXY announcement 21/02/2013
"Paning-2 is the first unconventional gas exploration well to be drilled in the region and has confirmed the potential of the tight sands and deep coals to host material gas volumes. Senex Managing Director Ian Davies said the result highlighted the untapped potential of the company’s interests in the northern Cooper Basin. “Paning-2 confirms the potential of the Patchawarra Trough and the northern Cooper Basin as a new province for unconventional gas exploration. Following the success of this well, we will continue to test similar targets across the region,” he said."
I feel that this intial success in the Northern Cooper Basin is very important to the value of PGS, which will become much clearer (& higher) once SXY starts drilling program in PEL 514.
I don't think its a matter if, but rather when.....
DYOR
PGS Price at posting:
1.9¢ Sentiment: Buy Disclosure: Held
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