On page 19 Quote "Leighton Olmos Sale- bolstered cash circa $US 27m,end first quarter 2012.
There were 12 verticles drilled on that acreage and it was sold in 2 stages.
The Mosman Rockingham acreages appear to be significantly oilier And the starting W/I is about 1/3 higher.
With the wheeler 1 well significantly de-risking the play,a successful horizontal well(equiv to approx 4 verticles,5 in total)will create a multi-bagger on this stock(even if roundhouse is not commercial) provided the well is drilled before any cap raising occurs.
As per Cliff Foss's interview with the wall street ledger"this stock is moderate risk,but only because its new"
$A4m market cap,what a joke.
Do your own research,you will be glad you did.
All the best.
TPD Price at posting:
4.0¢ Sentiment: Hold Disclosure: Held
