Brainy For what its worth I still believe GDN has the goods.
No report means to me that GDN is putting every effort into proving up its gas potential before 30 June 2009. It must have those options exercised and only by proving commercial gas will that happen.
I think the next report will deliver news of either commerciality or non commerciality. I don't believe a halfway report will eventuate at this time because that would be as good as a non commercial report. i.e. the options will not be exercised and the company will miss out on it $25 million.
Based on that scenario I wouldn't write the options off but I wouldn't buy them either. Current holders are locked in to exercise, expiration or no money to exercise. But there may be a last minute trade available subject to the company report.
Reading back on past recent reports I have a gut feeling that the testing is much more advanced than most believe.
Preparation for testing was well underway by mid May and I doubt they have wasted any time due to the cash potential from the options. A running start to testing could have been planned if it was always the company's intent not to drill below 14000 ft (satisfied JV commercial arrangements) as suggested by Bali during mid May.
Bali has posted a couple of times regarding legalities which suggested he was close to GDN legal advisors. He may have given a good lead.
Anyway, you asked why I hold and continue to hold. I hold because I believe the gas found in the sections drilled to date is as Rick said "is as good as it gets" for this company and production will commence ASAP. But full effort will be made towards getting the options exercised.
GDN Price at posting:
8.2¢ Sentiment: Hold Disclosure: Held
