dj news wire market talk DJ MARKET TALK: Golden State Slumps, Drilling Disappoints
1135 [Dow Jones] After peaking at A$1.265 a week ago, Golden State (GDN.AU) extends
decline, slumping today to 71.5 cents, before recovering to 77.5 cents, still down 11% on
heavy trading of 6.3 million shares. Investors focussed on drilling Paradox-1 well, Utah.
Report filed yesterday told of two more gas shows, but top of primary target of Leadville
limestone formation, expected to 500 feet thick, now put 400 feet deeper than previously
thought. This expected to be reached within a day from now. GDN previously interpreted
formation to contain up to 3 trillion cubic feet of gas - confirmation of which would
send GDN towards stratosphere. Investors less than happy with slow pace of penetrating
Leadville. (RCB)
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(END) Dow Jones Newswires
November 06, 2006 19:35 ET (00:35 GMT)
Copyright (c) 2006 Dow Jones & Company, Inc.
Tuesday 07 November 2006 11:35:27:080 AEST
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