GGP was listed i Australia in 2003 due to the gas wells on Padre island.
it appears that gas has difficulty in flowing for this company just as oil does. Padre Is revenue dried up years ago but the company must have forgot to plug the hole. Was the gas line still attached until plug and abandonment?
Now the company has issues with a multi fracked horizontal well just like every other well it operates but can still get a major lease holder and operater in Galindo Brothers to ask it to be an operator for the galindo well that ggp management believed was not important enough to tell shareholders about in a timely manner.
My question is for the techs that read this forum.
If a Padre GAS well is not plugged until 2012 then is it likely to be producing gas upto that point and if so where is the revenue, and if a multifraced horizontal fails does that mean that they managed to destroy even individual frac zone in that well. Seams unusual to me that a company like Halliburton could make 20-30 fraccing mistakes in each individual fracc in a proven oil zone. This is development not exploration according to steve graves. isn`t each fracc sealed and completed on an individual basis?Once again where is the income going. certainly not into the convertible note holders hands unless its through the back door.
Over $80 million raised since 2003.
GGP Price at posting:
2.5¢ Sentiment: None Disclosure: Held
