Report is wrong.
It should read
Primary targets... 3600 meters to 3800 meters...
NOT....... 2600 meters and 2800 meters...
Now some may have sold because they think they are PAST the primary targets when they have 700 feet to go.
Think we will get an amendment Tomorrow..
I bought in on the discount 8c mark..Could be a big bargain..
And a %50 sell off is a bit over done when they only have 16.4% of the drill..
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On 8th January 2007, Lion Energy Limited announced that well OCS-G 27089 #1
in offshore lease South Marsh Island Block 138 (“SMI 138”) in the Gulf of Mexico
Outer Continental Shelf waters spudded at 05:30 hours CST on 6th January
2007.
As at 04:00 hours CST the 5th February 2007:
· The well is at 3,389 metres TVD (11,118 feet).
· 7-5/8 inch casing was run as a liner to 2,937 metres (9,636 feet).
· The primary targets in this well are the 2600ms and the 2800ms sand some 213 metres (700 feet) deeper.
· Drilling is using MWD/LWD, to provide surface real time data on
reservoir characteristics.
· What appears to be a poor quality sand was encountered over the interval 3,290 to 3,300 metres TVD (10,796 to 10,830 feet TVD). There
is an indication the sand could contain hydrocarbons; however if the
reservoir is as poor quality as initial indications, it is unlikely to be
commercially productive. Open hole electric logs will be run through
this interval after drilling to TD. These logs will provide further data
on the reservoir characteristics.
· Pulling out of hole to change drilling bit before continuing to the
projected TD of 3,627 metres (11,900 feet).
Forward Program
a) Continue drilling 6-1/2 inch hole to approx. 3,627 metres (11,900
feet).
b) Run open hole electric logs over open hole section, to TD.
c) Make decision on completion or plug and abandonment.
The well is being drilled using the Pride Georgia jackup rig in water depth of 69
metres (225 feet).
GLX
gulfx ltd
