LET'S start a bit more positive thread now shall we ? Let's not forget the enormous UP potential of the stock we own. Keep in mind that not everyone has a 75% success rate on exploration drilling and that we have many exp.targets ahead of us. But please read on....
some extracts from Yesterday's ann.
Over last 14-months drilled 17 wells with 14 commercial successes & 75% success rate on exploration drilling • Completion of Brownlow & Canunda gas-condensate discoveries in PEL 106 • Successful defense of Beach off-market all-script Takeover Bid • Chiton Oil Field - First oil discovery within PEL 91 in Western Flank Oil Fairway (Namur formation) • Marino Oil Discovery – Sub-commercial - First Birkhead formation oil discovery within PEL 91 • New 52-week highs reached 5 times – with current 7 52 in last 4 weeks share price @ ~2.5x Beach offer.
Other positive points :
• 10 gas/condensate discoveries out of 12 exploration wells • All exploration wells have encountered significant gas • Located within 5km of SACBJV gas pipelines & 50km of Moomba • High liquids & LPG content in all discoveries • Significant Contingent Resources booked & endorsed by Gaffney, Cline & Assoc. • Gas marketing rights held by DLS • Only 3rd party to sell & connect into SACBJV gas gathering system • Near term gas sales directly to Santos via SACBJV gathering system 14 • Majority of project cash flows generated from liquids revenues
DLS Price at posting:
65.0¢ Sentiment: Hold Disclosure: Held
