These minor gas shows are considered important even though they are only small they are around similar depths to pardox basin 1. Its been mentioned that this well will intersect higher zones approximately 700 feet deeper then pb1 but leadville around 600 feet higher then pb1.
This means that the readings at pb1 around the 6608 feet and again at 6741 feet are about the same depths currently in pb2 at 7350 feet.
In the announcements back on 29/06/06 and 4/7/06 a couple of statements were made, at 6608 feet they said minor methane was found same as the announcement today except they didnt give numbers like they did today. They said it is significant because provides support for structure integrity of the well/field.
The announcement today can be considered the same as the announcement on the 29/06/06 where first minor methane readings were found. If in the next announcement more minor methane readings are noticed then the well can be looked at being very similar to the first well and has a high chance of intersecting many of the same intervals, just this time hopefully testing will be done on all intervals including leadville which is one target many shareholders have been waiting to hear results from.
the casing has been moved to the site so they are expecting to start casing probably by the weekend and with current drilling rates at 20 feet an hour they should be there in 7-8 days but if faster could be there near end of week.
That means the potential zones of interest will start to be drilled early mid next week.
There are 11 zones of interest on this well hopefully all 11 will be able to be tested if each have decent gas readings. The upper and lower ismay, barker creek and leadville will be the main ones watched closely, leadville because of how much gas could be found at that interval, the ismay formations because its the only formation that was correctly flow tested and could offer better results then pb1, and barker creek was meant to be tested but in recent reports found out no cement was in that interval to allow a proper flow test and it was one of the formations when drilled that was expected to possibly get commercial flow rates.
Alkali gulch pinkerton will also be the others to watch based on drilling from pb1, this offers a lot of potential good news to come out in next couple of weeks.
Thats why the minor shows today are considered significant because it will mean there is a good chance that many zones of interest drilled in pb1 could be intersected with similar results in pb2.
GDN Price at posting:
5.5¢ Sentiment: Hold Disclosure: Held
