Part of Mar. 2013 Artical in The Motley Fool
And nothing has changed except the stock price on
LowVolume.
Rodinia Oil is another Canadian company that holds onshore petroleum and natural gas assets in Australia's Officer Basin.
According to the company, the Officer basin is geologically analogous to the vast producing fields in Siberia and Oman that are of equivalent Neoproterozoic age.
According to the independent resource-evaluation firm, Ryder Scott Company Consultants Ltd., Rodinia's lands contain prospective (recoverable) un-risked, undiscovered resources totalling 125.7 billion barrels of oil.
Rodinia drilled the Mulyawara-1 and Kutjara-1 wells in 2011 and encountered oil and gas shows and excellent Neoproterozoic reservoirs. Although these shows demonstrated an active mature petroleum system capable of generating hydrocarbons, both wells were plugged and abandoned as
neither was perceived to be commercial. However, the company
continues its efforts to
find cash in order to keep drilling and prove its
acreage.