IOC has been horizontal drilling for 4 days. Crew from Houston.Drilling per a Pet Engin yahoo poster he thinks at 7000 feet into the oil zone. This is not about more condensates and NG ratios. The reservoir report tells all the info. This is about OIL.If recoverable oil is found it will be processed in IOC's new stripping plant.
I have two sources that say IOC has really upped the price for its assets. A Janine says a 3 fold increase since last year. I know for a fact its way up.Henry Alford deep into negotiations.Janine has a post on STP's board under IOC stories about IOC Feb 19th. She further says the new seismics are better then Elk/Antelope.More Wall Street coverage after the first deal.
If you pull an aerial map of the Great Barrier Reef you can see how it connects to PNG. Some think what IOC has found is part of the Great Barrier Reef submerged for millions of years. If so this explains why the seismics can be better at adjoining formations.
The Great Barrier Reef goes right up to PNG http://www.gbrmpa.gov.au/__data/assets/p
Do your own DD..