Fortunately I have been absent from my desk for the past few days otherwise I might have joined my dearly departed ancestors in light of the markets reaction to the latest report on the testing of Barker Creek. At risk of being "tarred and feathered" and thrown into the "briar patch" I still see light with the remaining tests. In hindsight the bells should have rung a little louder when on the 21st May GDN reported that the well crossed into an "abrasive dolomite cemented sandstone fault" This was surely a sign that Barker Creek may not have lived up to the hype of the PB 1 zone, for this heralded a whole new ball game. In fact Richard's memo of the 12th June confirmed this when he reported Barker Creek 1 & 3 "No Shows", although he did say on the 1st May that Lower Barker creek was one of the principal objectives based on PB 1. We now know a LEAK did occur prior to the 21st report of May but I doubt if even Inspector Clouseau would have been able to trace the source of that leak. On the positive side the fact that Cunningham's have decided to to support GDN is another sign "all is not lost". In fact that $4mil is all that is estimated to see us through another 16 months indicates to me that the "Waterford" settlement must have been substantial and in accepting some liability the blame for PB 1 cannot lie 100% purely with the GND management. Obviously this Golden "Eagle Rock" structure isn't yet rated alongside Daddy Cool as a national treasure but the field remains a pur look alike to the largest producing fields in the PB, and remember it is surrounded by the Lisbon and Greater Aneth fields. Should Chimney Rock and Ismay be shown to not be "as good as it gets" I will readily join the subsequent class action. In my opinion now is not the time to throw this baby out with the bath water. GDN in my opinion is far from a dead duck and I wish I had some loot left to take another slice for under 6c is possibly the best BUY for many moons. In retrospect apart frtom the stumble when crossiong the lower fault the rest of the well seems to have gone according to plan. My only other concen is that those "in the know" who have alredy bowed out don't seem anxious to return, but then again we are about to enter a new phase of attracting holders rather than speculators. We still have 2 out of the 3 major zones to go and with a little bit of luck this may put the project back on track. Crossed fingers Goldfinger.
GDN Price at posting:
10.8¢ Sentiment: Buy Disclosure: Held
