current depth, page-18

I still hold out for 20+ cents for share and maybe 8+ cents for the options.

Just prior to Para 2# hitting the skids, so to speak, the SP was around 21 cents and wanting to climb higher. There was 398ish million GDN shares on issue.

Then out of the blue the company advised the drill bit was stuck in mud 5km down the well and anyway they really didn't want to to go to the leadville anyway.

A farce of the highest order and the SP went to freefall as it should have. It was suggested that, rather than a stuck drill bit, the pin was pulled because GDN had, by going to that depth, satisfied its agreement with its partner in the venture and therefor had no reason to drill on, mud stuck or not. Another interesting twist.

Right now the company has approx 440 million shares on issue. Very little dilution since mid 2009 would suggest that with some initial gas show success in Para 3# and no "dodgy" issues with the drill or the depth or whatever else (who knows what)the SP will go beyond 20 cents. It could go well beyond 20 cents. Who knows?

With regard to the options there are about 381ish million options out there.

In July 2009 they were offered to shareholders for 1 cent and were "underwritten" by who else but Cunninghams.

Shareholders took up 106.6 million options and Cunninghams and friends took the ballance of 274.8 million options.

So Cunninghams and friends have massive levels of options to dump at will on the market.

Could the apparent broker fallout with GDN have any impact on the amount of options that are consistantly being feed to the market?

Absolutely and it appears the drip feed and large quantity currently capping the options will continue. For how long who knows. But it gives option buyers the ability to pick up parcels with potential to be big winners if the well comes in.