The Company spudded and drilled The Riddle #13 well over the past 24 hours.
That's right It took less than 24 hours to spud a well and hit oil.
These wells are incredibly cheap to drill and the payback happens in a month or two. That's right a month or two.
This well could have already paid for itself in a day. That's right one day.
How many wells can be drilled on this lease? Time will tell.
They have yet to drill deeper targets but you have to wonder how much oil lies there. And it's hard to drill deeper targets when you keep hitting oil in a day or two after spudding a well.
Combine this with there coal methane leases where they are free carried to the tune of 25% and 30%, in a Western Australia market where some pundits(and I emphasise some pundits) are expecting the price of gas to quadruple and you can see that this company could go places fast. Also they have some very tasty acerage off Perth and have joined up with Roc Oil to drill two wells I think by the end of 2008. This gas chimney which has been detected by seismic could hold a lot of hydrocarbons within yelling distance of Perth- in a state crying out for gas.
Plus there is other stuff I wont bore you with.
Day traders enjoy your moment in the sun but I reckon you will be crying when this company reaches its true potential. Why did I sell you may say.
I own and I hold.
By the way the options are cheap. So are the heads. Will be buying more soon
WGP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
