If you look at the disclosure document of 04/01/06 page 12 states that "Golden Eagle had a mid range reserve potential of 440BCF with an upside potential of 3TCF. A minimum case of 50BCF currently is potentially economic"
Seems we are still a long way from the potential reserves mentioned even the economic one of 50BCF. I expect the gas price is far lower than when the report was written so we may need more than 50BCF to be economic. Maybe the big boys think GDN is not worth the risk at this stage. I often have my doubts also.
Lets hope they get plenty of gas and not water as gas is the only way for the SP to go up. No gas or only little gas and it might be "all over red rover"
GDN Price at posting:
10.8¢ Sentiment: None Disclosure: Held
