quarterly is out!!, page-136

Hi all the waxy stuff is VERY SIGNIFICANT and may explain "why the hold up" proactive investor report says..
Oil from the Kockatea is waxy with estimated gravity of 37 degrees API. Analysis has narrowed down the source of oil to either shale oil production from the shale or a potential source at the base of the Kockatea in the Hovea-Wagina Formation.
Has anyone made a comparison to the "birdsong formation" plus
the waxy oil that is mentioned does anyone know if it solidifies at room temp? is this the 37 degrees as mentioned in the report. Is this similar to the Rough Range discovery by Walkley?
"in 1953 Birdsong sandstone The sandstone was observed to have spotty yellow-green fluorescence and brown colouration. It also had a petroliferous odour and gave a fluorescent 'cut' in carbon tetrachloride solvent. These observations suggested that the sandstone was likely to have contained oil before being flushed by drilling fluid. A 30-minute drill-stem test on November 1st recovered 12 barrels of liquid, consisting of 50% drilling mud and 50% waxy oil, with no water. The oil was liquid when hot but it solidified at about 34°C. The oil was analysed by the government chemical laboratories, who concluded that it was related to 'ozokerite', a waxy hydrocarbon that occurs in some rock outcrops as a residue after the lighter fractions of crude oil have been lost. However, in fact the Rough Range oil is a high-grade paraffinic crude with a low pour point, solidifying at room temperatures. This low pour point is also a feature of some other paraffinic crudes elsewhere in the world'.

Check this statement.. Most major oil companies were then run by geologists, who commonly occupied the positions of managing directors and presidents, so that the acquisition of geological information was given a very high priority, even if this did slow drilling operations...sound familiar?

well read on...
Still, WAPET made no announcement about the discovery. It was left to Standard of California, apparently without reference to WAPET, to release a statement on December 4th , announcing that very high-grade crude oil had been found in the well. This announcement came more than a month after oil had actually been found. The share price then rocketed. Most people were elated about the announcement, but those who had sold their shares on the basis of the earlier WAPET press release were furious. The West Australian in an editorial on the following day (December 5th) stated that the conflicting statements of November 5th (regarding a 'waxy substance of no commercial value') and December 4th (regarding 'very high-grade crude oil') needed 'a good deal of reconciliation and, until they are reconciled, the public cannot be expected to accept the company's announcement as gospel, even if it did commence its drilling operations with a prayer'.

Mr W.G. Walkley, the Managing Director of Ampol, attempted to answer this criticism, but his explanations were far from convincing, and were indeed misleading. If such a situation had arisen today there would at least have been a thorough investigation by the Stock Exchange, but in 1953 there was no suggestion of any form of enquiry and little or no questioning of Mr Walkley's statements. He was eventually knighted, and the annual Walkley Awards are now the most prestigious awards for excellence in Australian journalism.

THIS IS A MAJOR DISCOVERY! Read more...
http://www.pesa.com.au/publications/pesa_news/dec_03/history2.htm
http://en.wikipedia.org/wiki/Ozokerite

Cheers all Goldy