Nice to hear confirmation of some of my own musings...
As I have previousy said...Leadville looks commercial to me already, with gas shows in the upper "purple squiggly line" and likely better results from the lower "red squiggly line"...and what appears to be commercial zones all the way in between!
There is every chance we are in fact looking at hundreds of feet of pay in Leadville...and I do not say thet lightly.
Of course, we will not know for sure for some time.
Pleasing also to see revisions to total projected depths (I still reckon they will need to go go deeper though), a "potential gas production" band right where I expected in Leadville (and of course Pinkerton Trail above).
lol...I have now sold just about every "extra" share I have, "reclaimed" the extra cash from the equity loans...even looked down the back of the couch for a few spare coins...now it is all on GDN after loading up yet again today!
Is it stubborness, or stupidity...I guess time will tell?
I seriously cannot believe we are still picking them up this cheaply...and suggest that what we are seeing is one of those rare events when a net seller (or several) simply want out for what ever reason and are doing so in a rather impatient and unsophisticated way, thanks no-doubt to the "smarts" who have recognised this and are not exactly making their life any easier.
Not all manipulation is designed to get the little guy...sometime it works just as well to stick it up the odd larger player!
I wonder if any of the selling is the 61c lot?
Whatever and whoever, the selling is clearly not based on results; it is based on non-emotive liquidation of a position...simple! The lack of a "king hit" in Leadville to date may well have triggered the selling, but it is definately not a case of bailing a sinking ship in my view.
As is typically the case with such scenario's however, you can bet you last dollar (lol...I have), that when the seller is done, the price will rebound sharply.
Interestingly, I suspect these sellers would have done so at this point regardless of the Leadville results...so the fact they are doing so without the "king hit" gas zone in Leadville simply means the true believers get to pick up more for less.
Allways happy about that!
This well just keeps getting better!
Prior to drilling, the "blue sky" target was of hydrocarbon charge in "up to 12 target zones"...we now have confirmation of likely production from 7 of those, for a total of 11 productive horizons...lol, this is over half of the pre-drill upside targets and they haven't even finished drilling yet.
it also doesn't include Leadville, which in my view could well equal all the rest combined!
lol...whats half of 3tcf...plus a biy more?
Some interesting points from todays announcement perhaps worth underlining...
"So far eleven potential gas production intervals have been defined in Paradox Basin #1 between the Upper Ismay and the Leadville Limestone, as well as one potential oil interval. Additional zones are expected in the remainder of the well.
In other words, they also expect production from below the top of the Leadville Limestone, in addition to the zones mentioned above...lol...that's where we are now and where we are yet to drill!
Another little snippit perhaps missed by some, that confirms my own findings for the well...
"PREDICTED DEPTHS AND THICKNESSES ARE ESTIMATED FROM WELLS SOME DISTANCE FROM THIS WELL. THE LEADVILLE LIMESTONE FORMATION MAY ACTUALLY BE UP TO 1200’ THICK.
1,200 ft thick?
As I said, much deeper to go yet...and we still haven't hit the main Leadville production zone...nor any fractured or natural porous zones.
lol..."Trip gas 1,100 units"...in spite of 4.6km of head pressure from overweight drilling muds? I suggest current trip gas from Leadville may well have recorded double current readings closer to surface!
It is abundantly clear to me...which is why I am still buying...lol...but it would be nice to see the price rise when I buy...just for a change!
Anyway, we have all been told folks, so it's up to us what you do with the information...with or without a seller in the mix!
Well...do ya feel lucky punk? Well do ya?
lol
Cheers!
GDN Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
