so what is being sit on here.., page-2

The big project that is the most advanced is the Bowland Shale project in the UK. estimated initially at 200TCF of gas in place. Revised estimate being completed by the British Geological Survey is rumoured to be in excess of 300TCF which would make it one of the largest gas fields in the world. 4 holes drilled so far but none fracced. Fraccing is due to commence in a couple of months.

Tenement is approx 1000 square km, shale is 1600m thick (thickest in the world), there are 2 or 3 gas pipelines running through the tenement already, there is a producing gas well on site which has been flowing since 1993.

Gas is very low in CO2 which is a big plus (less than 2% from memory). There is a good presso on the ASX website under AJL announcements around May 2011 (JP Morgan Shale Gas Update or something).

Recoverability is unknown however even at a low recovery rate of 10% that works out to be 30TCF+ which is a very big number. Gas prices in the UK are high which will help ratchet up the price as well.

Lucas owns 57% of the above project via a 25% direct interest in the project and a 42% share of Cuadrilla which holds the other 75% of the Bowland project.

AJL only has 130M shares issued at present. There are approx 20M options held by various parties as well which could be exercised.

Kerogen own 50% of AJL and are also a major debt funder for the business as well.