potentially 12 billion barrels of oil not 2, page-89

Gunz
This happens over time. Exploration and Development funds were judged to be better spent in the Cooper Basin, Gippsland, North West Shelf etc...milking the last little drop so to speak out of established hydrocarbon provinces....its only when in the minds of "wise men" these established provinces are judged to be either mature or the skerricks left to hard to get into (conventional wisdom)that reluctantly perhaps explorers move into less understood frontiers.

Same thing happened to the Bass and Otway Basins...all funds went into Gippsland for a long time because as an established hydrocarbon province, it was judged less risky by some.


Exploration these days is hugely, hugely expensive (try getting a rig or a seismic boat inside a year) but the current oil price provides added incentive of course also
cheers