Western Australian oil and gas discovery fuels excitement

Sep 22, 2005 02:00 AM

An oil and gas discovery at the Magnolia-1 well in offshore Western Australia could be a company maker for three of the six joint venture partners, according to an analyst.
Hartleys said smaller capitalised partners Norwest Energy, Bounty Oil and Gas and Adelphi Energy would stand to benefit the most with a discovery generating anywhere between 200 and 600 % leverage to current share prices depending on the size of the discovery.

A drilling campaign at the well is due to start in October or November and 3D seismic data has suggested the well could hold between 60 and 100 mm barrels of recoverable oil.
Australian Worldwide Petroleum would only make small gains from a discovery due to its large market capitalisation. The two other partners OPIC Australia and Coogee Resources are not listed on the Australian Stock Exchange.

Source: AAP
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