Found this on the ABC Online website, it provides a bit more...

Found this on the ABC Online website, it provides a bit more insight into the find. The next few weeks are gonna be interesting....

*****************************************
Oil deposits near Penola excite Adelaide Energy
Posted Tue Aug 21, 2007 9:05am AEST

Map: Penola 5277
An Adelaide-based oil exploration company says it has struck liquid gold in South Australia's south-east.

Adelaide Energy Limited has confirmed that oil deposits at the Jacaranda Ridge Two well site near Penola look to be large enough for commercial production.

Managing director Carl Dorsch says the quality of the oil is exceptional.

"Well, it's a bit like aviation fuel. You could put it straight into your lawnmower at home. You'd just need to filter it - yes, it's beautiful stuff," he said.

Adelaide Energy says there is potential to produce as much as three million barrels and the company says there could be even more.

The company says it will now look at drilling more wells in the area.