pel/pela map nvg, lnc, ede, page-41

Thanks for the clarification Markie, I should've been careful with how the meaning of certain terms change with time.

After reading LNC's reports, I do believe LNC encountered the same thing as was previously reported. But LNC are putting a positive spin on it, and the discovery claim is false.

From 27 Sep 2011 LNC announcement titled: "LNC Discovers Significant Oil Shale Deposit in Arckaringa"

"3.1 Maturity
The maturity of the samples provided was determined by plotting depth against Tmax and Depth against Production Index (PI). This indicated that all the samples were immature based on the depth Vs PI plot using common PI cut off limits (Figure 1). However, when the Tmax Vs Depth plot was used (Figure 2) the samples were immature to early oil generative in maturity. The chance that the samples are in the oil expulsion window is low at these sample
depths."

LNC in the above statement admit that the field is "immature", but by using an alternative analysis they could reinterpret the data to mean "immature to early oil generative". So at best by their own admission the field is immature and at the sweet spots could be in early maturity (juvenile?). And by their own admission also, by stretching the interpretation of their data, the chance the field is in the oil window is "LOW".

Markie, and you may know better, all production in the Bakken and Eagle Ford has been from the "Mature" and in the oil window areas of the field. The Bakken and Eagle Ford have always (since the early 20th C) been known as mature plays with the potential to be oil producers, and much research has been focused on defining the physical limits of the oil-window portion of the field. As far as I know, noone's putting drills into the immature areas of the field. And as you point out, commercial production from the mature field has only been a reality recently.

Compare to the Arckaringa basin, which since the 60s has been typed as an immature field with nil potential as an oil producer. So IMHO it's dishonest to even make comparisons between the Bakken/Eagle Ford and the Arckaringa. LNC energy, if you read beyond the headlines and the first paragraph also admit to the immaturity of the Arckaringa. At the very best, LNC may hit a sweet spot or two where the maturity of the source rock is sufficient to bear some oil.