re: san antonio well-condor??? Condor, I take it you have no...

re: san antonio well-condor??? Condor, I take it you have no interest in Giligulgul-1 due to spud 04/02/2004. If so why not? I am interested because of the information on Giligulgul-1 below. TIA.
Cheers,
Brantley

Giligulgul-1, with 16 million barrels of potential Oil. I am no geo. but that sounds like a better than a 50%++ probability that there is oil down the hole. Any comments from Geo.s out there. If this statement is true then VPEs calculations are looking interesting.

Still looks like a good punt IMHO. But I am no Geo. I hold VPE / OEX.

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Per VPEs 20/10/2003 presentation they have valued Giligulgul @ $96 million based on their 30% interest which per them equates to an additional 7c to their current SP ( 2.6c + 7.12 = 9.72c ).
That 7c seems to workout mathematically based on the following:

$96 million / shares issued 1.349 Billion = 7.12c / SP

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//Giligulgul-1, drilled by Union Oil in 1964, encountered a 4.7 metre oil column in thePrecipice Sandstone as shown by oil in core and oil in side wall cores. Union Oil attempted four Drill Stem Tests ("DSTs") on this interval. Modern seismic shows that there is 15
metres of closure updip from Giligulgul-1, with 16 million barrels of Potential Oil. Oilex’s share of this would be 5.5 million barrels after the current farm in resulting in a 34.5% interest./