GDN 0.00% 1.7¢ golden state resources limited

today's trading, page-8

  1. 13,183 Posts.
    lightbulb Created with Sketch. 2683
    Yesterday's report mentioned that they were "tripping out for a bit change - drilling is expected to recommence later today"

    The round trip for a bit change is 24 hours, so assuming they were near the top of the well at the time of the announcement (10:00 am EST), you would expect that drilling recommenced no earlier than 10:00 pm EST.

    That said, at an average drill rate of 7 ft/h, I would not expect to see them advance beyond 105' at this point in time. So anyone selling this stock on the pretext that LBK is not meeting expectations need to get their calculators out and use a bit of common sense.
 
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Currently unlisted public company.

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