significant oil shows...

Article is provided courtesy of ABC News:

I especially like Rob Annells' comment regarding depth of the find in the Wombat field...we could be sitting on a rocketship here people...

An oil and gas exploration company says its found an onshore oil flow on the Gippsland coastline near Seaspray in south-east Victoria.

The executive chairman of Lakes Oil, Rob Annells, says the discovery was made during exploratory drilling works in the area.

He says the find is geologically significant, and could herald the first onshore oil flow in the Gippsland Basin.

Mr Annells says it is possible the field could be deeper than offshore sites, and the company will start further explorations immediately.

"Which is pretty much the same as what's been recovered offshore, but the difference is that it's much lower in the section, so it's not a surprise to us, but we are surprised that it's flowing, rather than sitting there dead in the bottom of the hole, it's actually flowing into the hole," he said.