re: will they hit leadville To me I think they will be just starting to drill the Leadville formation or may be 50-100 feet into it when they release the next drilling status report. They could be at the top level of the Leaville formation if they drill slowly.
"Since the last report the rig has been running pipe to change the drilling bit and it is anticipated that drilling will re commence today."
Drilling recommenced on Thursday..so we are all expecting a drilling status report on Monday. They said the drill bit has been changed..is that because its harder rock down there? or it is just worn out?? They recommenced drilling on Thursday..which gives them over 3 days of drilling.
The Leadville formation is estimated to be 14500 feet deep and 600 feet thick. So we need to drill past 15100 feet to go through the formation. At recommencement they were at 14107 feet. So they need another 400 feet to hit the start of the Leadville formation.
In past drilling reports such as the 20th they were at 11,480 feet and then on the 24th announced they were at 11,950 feet. They drilled 470 feet in that period.
Then on the 27th they were at 12,490 feet. So the period from the 24-27 they drilled another 540 feet. Then on the 31st they were at 12,985 feet. So another 495 feet in that period. I predict they will definately hit the formation.
The excitement builds. We really need them to go completely through the formation though but its still exciting. Remember guys..Leadville is bonus. In my mind they allready have 50+ BCF easily.
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