3. three wells already in place (cost about $15m) with potential for further production and sidetracks, laterals etc.
try this for a reality check:
2 poorly producing wells in place, and 1 complete duster = $50m
likelihood of directionally drilling a sidetrack = nil
potential for further production = slim, they can't even get the target pay zones to produce properly so why go and frac further when there is a likelihood of a diminishing return?
GDN Price at posting:
6.4¢ Sentiment: Sell Disclosure: Not Held