I'd like to remind everyone that in addition to the 1000+ feet...

I'd like to remind everyone that in addition to the 1000+ feet of lower canyon sands, read the announcement on 12th December. It clearly states intervals of 460feet and 250feet of gas in the upper canyon sands. They dont list the amount of gas in units so we can assume its not a lot, but if we're going with an unconventional gas play, they may come into effect - possibly bringing another 700feet of gas into play.

Also, just for the shear fun of it (and to relive some more ridiculous ventures I've been involved in), I thought I'd show a few brief comparisons of a few other O&G companies at their highs:


CEL
Undiluted Market Cap $30m
Onshore (100% but 80% if successful)
Results: 1150feet of significant gas shows, ongoing.
Size of current Play: 45000 acres
Other assets: 1.5m cash, various minor projects.

MEO
Undiluted Market Cap $330m
Offshore WA-360(25%) and 361(50%)
Results: Despite hitting overpressurised gas on the way down, there were no HC's at TD.
Size of current play: approx. 800sqkms and over 1000 sqkms.
Other assets: approx. $100m cash, various other projects.

MMR
Undiluted Market Cap $180m
Offshore Pep11 (43% after Advent share boosted to 85%).
Results: Despite there were no HC's at TD.
Size of current play: approx. 8250sqkms
Other assets: approx. $20m cash, various minor projects.

GDN
Undiluted Market Cap $184m
Onshore 100% Golden Eagle Oil and Gas - Paradox Basin #1.
Results: Various Gas shows on way down, significant shows of just under 200 feet, 20 foot oil show, TD was abandoned due to hitting water. Struggled to gain productive flow rates.
Size of current play: 26106 Acres
Other assets: approx. $9m cash, various minor projects - included uranium play that was later listed.


CEL is less than 1/6th of any of the others in market cap (value), but has much better shows etc than any of them, and also has the TD to come - with the possibility of significantly increasing the already very large gas shows.

To match the hype of any of the above companies (who all had jack squat), CEL would have to go to $1.35 per share. Given that it looks like we actually have GAS and possibly in very large quantities, we could be seeing share prices of $2+.

Every day it looks like a safer bet to me. Too many people looking at what the SP was 6 weeks ago and saying its run too far rather than looking at what the potential value of this find is. I'm seriously looking for a 10x bagger (actually much more for my oppies :)).

Happy hunting.

DG