drilling report 25th oct, page-22

This anns is very positive for me. I don't understand why people are so keen to sell their shares down (I had to buy a little bit more today)

Fist of all we have found the shales much thicker and more concentrated with shale structures than we thought before. This is a big plus (as I am happy with gas).

If there is not a wet gas, there should be huge amount of gas. I believe it would be economical with this thickness and concentration of sgales. The DIFT (diagnostic Fracture Injection Test) would tell that to us.

"Initial reviews of the wireline logs that have been acquired confirm the presence of the Nita formation together with a thick section of interest incorporating the Goldwyer formation. From these initial reviews the Goldwyer section appears more shale bearing than the initial drilling and core observations suggested. This is also consistent with the elevated gas readings observed from the mud logs whilst drilling through both the Nita and Goldwyer formations."


The well is not even being Plugged and Abandoned it will be "suspended in a manner that will allow further formation assessment to be conducted if required"

They said on last weeks anns; "A decision will then be made regarding running and cementing a 4½” liner into the wellbore to enable Nicolay #1 to be suspended in a fashion that will allow further formation assessment to be conducted in 2013 should the post well analysis warrant it."

Now it seems that they have good hopes from the well and they made the decision to make more work on it and make the suspension decision. Good.