re: sleeping beauty ....tap Some good posts, I got a laugh out...

re: sleeping beauty ....tap Some good posts, I got a laugh out of yours Brucey.

Lyg was actually a success in that the encountered the Dongara sandstones as predicted, unfortuniately it did not host the same oil as elsewhere. That's 4 formation hits out of the last 4 wells, 3 of which produced. Then you have Sugarloaf which IMO appears will produce something less than the windfall projections but still commercially significant via ADI.

As Blackgold points out there is a probability of at least 2 hits out of a 20 well exploration program that is under way and they have shored up reserves with the 3 out of 3 development well program. Daily production is now 6000 boepd+.

In my view it will be strongly re-rated when the rotary lie detector comes up dripping some black stuff - I reckon they are worth north of $1.80 now going by broker reports vs about $1 for Tap. Unlike a lot of other energy co's, the lead time from discovery to production is extremely fast. The likes of Origin must be giving them a bit of a lookover after the recent development well success although any takeover would have to be friendly.

Like a Croc I'm happy to wallow in the swamp at these base prices but watch the explosive action when feeding time comes.