Hi buc no worries, I don't know if it's useful at all but it was a fun trip down memory lane on a slowish day :)
Hi bellaem, the latest announcement sounds like they were at a very similar stage to the announcement made on 25/01/2009, which on the chart is arrow #4.
In both announcements they were at the "cementing surface casing" stage, and from there they drill down to the secondary targets which get cored for sampling and evaluated. (With the Gene, they cored the Mission Canyon Formation, and evaluation revealed 6 feet of oil pay which will be tapped into when Bakken production stops). (With Defender, they'll core from Niobrara A & B zones to determine horizontal direction).
Anyway if both wells are at roughly the same stage, and if everything goes exactly the same as the Gene well, confirmation of success should be about 2.5 weeks away. If you look at the chart, each candle represents 1 trading day and Defender should be near the 4 or 5 mark.
Gene wasn't actually fully completed with flow rates until 19/04/2010, but the ann. on 10/02/2010 containing.....
"2,900 feet of the lateral has been drilled with 2,600 feet remaining to be drilled..... Oil and gas shows are also being recorded as expected, with gas shows typically 1,400 units over a background of 450 units. Oil shows are continuous with a typical description being "abundant brown spotty to even oil stain with a fast, strong milky white cut". Not unusually oil has been noted from time to time on the shale shakers.".....
was confirmation of success for myself and many others :)
Of course, the chances of this well going exactly the same as Gene would be remote I think, and you never know what might happen, a huge nasty old chunk of gold might foul our drillbit and lead to some annoying delays while Terry recovers in hospital from an excessive case of dancing the jig in work boots :)
Seriously though, if I had to guess I'd say we should know if Defender's a goer or not in 2 to 3 weeks?
SSN Price at posting:
11.0¢ Sentiment: Buy Disclosure: Held
