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"This … small company has made what looks to be something in the order of a world-scale discovery," said a company spokesman, Ian Howarth.

Meanwhile, shares in Karoon Gas Australia have surged more than 40 per cent after the company announced good drilling results.

In a statement to the stock exchange the company said it had found evidence of hydrocarbons in part of its Poseidon-1 site, offshore north of Broome, Western Australia.

"This … small company has made what looks to be something in the order of a world-scale discovery," said a company spokesman, Ian Howarth.

Shares in the company finished at $5.40, up $1.60, or 42.11 per cent.

The Poseidon-1 field lies between large gas deposits, including Woodside's Brecknock, Torosa and Calliance fields and the Icthys field owned by Japanese company INPEX.

"The leases that Karoon owns basically are virgin territory, which they picked up 100 per cent of, right smack in the middle of this world-class area," Mr Howarth said.


From Brisbane Times , 28th April 2009