if this SP is moving slowly, its only going down. If they hit good flow rates, expect it to jump up fairly quickly. Their asset is undervalued currently because of the cash burn and ineffeciencies by the directors. As soon as they have some level of profitability this is likely to fly upto 20/30 mill market cap depending on flow rate.
Problem is, will they get a flow rate before they have burned another 20 mill on paying drill fees. My main worry is, if this all turns to dust, we all lose but the dir's dont really mind because they are still getting their 200k a year to release illegible announcements low on facts and high on ramp.
I still hold some of this share simply because I believe there is a decent chance they are sitting on a big find, the new cash injection should pay for a 3d seismic and hopefully this well can actually pump 1.5-2mmcf/d on its own. If this happens I think the SP will go up, and the oppies may even croos the line.
Here's hoping.
GDN Price at posting:
6.2¢ Sentiment: None Disclosure: Held
