Hi all. Just dug up some old reports from PB2 and the share price was basically the same today when PB2 was at a similar depth with some minor gas shows along the way. Interestingly GDN provided a rate/hr in the similar PB2 report and it took them several weeks to hit the Ismay formation from that time (with similar drilling rates). The casing had to be set along the way and this takes time (and they had to run logs to check it) and I suspect they will be taking a cautious approach with the current well as they get closer to the target to make sure it able to deal with the known conditions. Im no drilling expert but I assume previous processes would be similar or better with this well.
So I think any expectation that we will arrive at pay zone within a week is probably optimistic. At least the current price is at a reasonable/equivalent level given previous drilling for PB2. So happy to wait for the action to heat up. Like the volume today though.
GDN Price at posting:
11.4¢ Sentiment: Buy Disclosure: Held
