on the money @SpiderMonkeyZ . Some things to add to your points....

on the money @SpiderMonkeyZ .

Some things to add to your points.
Original Reservoir pressure was 2400 psi. Flowing BHP in this test is 800 psi. I seem to remember the flowing WHP was over 1,000 psi, so theres a pressure drop for some reason.
They had issues with mud invasion in the original well bore.
The original completion was open hole (not sure if they inserted liner afterwards). Not ideal to have open hole straddling gas and water zones, if you want to produce from a specific (gas) horizon. The water can travel up the open hole and come out with the gas. GGE is on top of this now.
So, armed with their current knowledge, they will drill sidetrack and target both Leadville and Deeper McCracken reservoirs.
Sidetrack will be no doubt drilled with balanced mud program.
They will case and cement across the production zones. It sounds like they will be able to independently test each zone.
Cost of the ST is likely to be "minimal" i.e. a $1-2m excercise.

One thing that is a bit puzzling is what is the contribution/equity of related party JV partner? in relation to the side track. GGE is spending money, so you would think that would have to count toward the sliding equity increase. You would think there would have to be a "re calibration" of the equity deal, on a pro rata spend basis.