I would have thought we should compare ourselves with BRU! After all, BRU was at 23 cents three years ago, was not producing (that I remember)and was in an area (the Canning Basin) that most considered highly risky - just like some are saying about OBL today. Then, out of the blue in 2011, they have a partnership with the Mitsubishi Corporation and every thing changes.
So, I would have thought lots of similarities between BRU and OBL. We are adjacent to the Valhalla find, with the OBL Derby Block and if the 3D images are to be believed, we could be sat on both Oil and Gas....I particularly liked the one with the brown colours going into yellow, with the yellow being compared to the oilfields in the Middle East (or words to that effect). Then there is the Yulleroo block to our southwest (?) which is being tested down to 3800 metres - which if I again refer to the 3D images, is the same depth as the Derby block in the southwest corner of the Derby block, adjoining the BRU lease where Yulleroo is being drilled. If we eventually go down to 5000 metres (it's being done in the US of A, so it can be done), we may increase our chances of finding something fairly dramatically, according to the research.
So, call me crazy but with the official determination of the Native Title due as early as the end of next week, and with more than one 'supermajor' checking out OBL, so we are told, then there is plenty to look forward to in 2013, for us long termers.
'Don't worry, be happy', as the song says.
All the above is my personal opinion. DYOR.
OBL Price at posting:
2.5¢ Sentiment: LT Buy Disclosure: Held
