235m to go...

Give or take a few meters, we are now potentially just 235m or so from basement...

Assuming 30-50m per day, perhaps less if they have to trip out for any reason, we are still looking at some 5-9 days before the well reaches total depth at 16,300ft (4,967m)

Worth consideration however is that given previous errors in predicted formation depths, Leadville and the other two main targets could well be lower than originally prognosed...as well as potentially much thicker?

Personally, judging by the tone of the last two releases, I suspect they are finding it a bit of a stuggle at these depths, which is why they are using words like "satisfactorily" ...just in case further issues should eventuate?

Perhaps the most significant inclusion in today's announecment however is for elevated gas levels in the Molas Formation...an otherwsie hydrocarbon barren rock.

With the well fully cased, we can rule out contamination from formations higher up...so any gas at all at current levels must be coming from fresh drilling...into what should otherwise we a non-reservoir host rock layer!

Any gas here at all is significant in my view...especially readings as high as 90 units in formation one might otherwise expect to be completely barren?

Such readings could well suggest a still active system, with current vertical migration to the Upper Pinkerton Trail level, perhaps due to an extreme highly pressured and fully charged Leadville...which further suggests fault migration may not exist at this depth at this point in time, further supporting the view of complete closure of the fault at this depth?

Alternatively, we may well be simply looking at a "halo" effect, where hydrocarbons under extreme pressure from below are permiating into the mormally non-host formations directly above in spite of their general lack of porosity?

In my view, any indication what so ever of gas a significant distance below the Pinkerton Trail horizon suggests a deeper source, effectively confirming the likelihood that something wil be found lower.

Of all the wells I have studied in the region, the only others that have had elevated readings in the Red Palaeosol or Molas formation were at Lisbon...all of whom encountered commercial oil (and gas) in Leadville.

We must remeber however that Leadville is much deeper here, so we are probably talking gas and not oil...but it is not completely out of the question as oil is known to exist at such depths and temperatures.

I have a feeling the Golden State Field will be somewhat unique once all is said and done!

Cheers!