Permit approval to side track and deepen PB1 is very significant news for a number of reasons:
1) Government approval - thumbs up
2) Demonstrates significant confidence from management in a PB3 commercial outcome (refer possible forward plan action pending certain outcomes/events from the half and quartile reports)
3) Same rig and crew that completed a near perfect drill of PB3 is stacked onsite ready to complete PB1
4) PB1 will drill in to virtually the same gas zones encountered with PB3 which encountered a better pay than the initial PB1 flows of 3.6mmcfd derisking PB3 outcome significantly
5) On completion of side track of PB1, practically doubles or more the potential flow rates of PB3
6) Will lead on to further rework / completion of PB2!!!!!!!
Guys, we have a MAJOR gas field in the making here and it looks like it is truly coming to fruition and I truly wonder how much longer the market can turn its back with complete ignorance of the potential and facts here.
PB1 and PB3 alone may flow at near 8 to 10 mmcfd in a 100% owned gas field and project.
The company has millions in the bank and is cashed up to make it a reality.
Oh, and lets NOT forget the $3,000,000 GDN is to receive in week or so from Iron Ore lease sale and the 2% GROSS earnings it will receive in time from Iron Ore sales.
Best of luck to you all - I just wonder who is going to blink first in this company and get the SP moving.
GDN Price at posting:
10.6¢ Sentiment: Buy Disclosure: Held
