re: the signs are there, buyers paying up today Don't forget...

re: the signs are there, buyers paying up today Don't forget LGO, is at a good time to buy

Oil explorer makes quick oil discovery in Surat Basin

As previously stated, the Yellowbank Creek oilfield has estimated remaining reserves of approximately 5.2 million barrels of oil.

Interests in the licence at the completion of drilling will be: Enterprise Energy NL 85pc, reverts to 50 per cent after pay-out; Brisbane Petroleum and Longreach oil LGO NL 25 per cent after pay-out


This is yet another Australian oil producer achieving quick success as an onshore producer.

The Yellowbank Creek-4 well as a future oil producer after a second successful drill stem test conducted over an oil interval in the Surat Basin target.

"The well intersected the target Showground Sandstone at 1,842 metres and drilled 6 metres of friable to cemented sandstone with fair to good visual porosity and containing good oil staining throughout," he said.

"This 6 metre interval compares favourably with Yellowbank Creek-2 and Yellowbank Creek-3, where this unit is 4.5 metres thick and 5.5 metres thick respectively.

Results indicate that the Showground Sandstone is probably at "virgin" reservoir pressure and has not been depleted by the production from the Yellowbank Creek 2 and 3 wells.