During the exploration stage, in 1998-2001, the price for barrel of oil was below $20.
He repeatedly said the well was only at exploration stage and that a further licence would be needed for extraction.
Over half of the developmental properties it has interests in are producing however most (130 representing 70% of all properties) have not passed the exploration stage.
The first stage is the exploration stage.
The new provisions hit hardest at the exploration stages of minerals projects, where there is the greatest risk.
"I don't know all their issues; I guess they are in an exploration stage like we are here," Williams said.
This hypothesis is still in the exploration stage, and there's room for debate.
The exploration stage helps the client to open up the problem for review and then narrow down by focusing on issues that need immediate attention.
During the exploration stage you can explore towns and other locations and visit shops and houses.
'It's still in the exploration stage, but it's got possibilities, I think.'