The well is currently at 14,108’ (4300m) in the Alkali Gulch Formation and is drilling ahead at rates ranging from 16 to 37 feet per hour. Current lithology is evaporites comprising anhydrite and salt. The estimated tops for the Pinkerton Formation and Leadville Limestone are 14,875’ and 15,168’ respectively. Remaining targets are the Pinkerton Trail formations and Mississippian Leadville Limestone. Golden State Resources is currently designing the testing programme for the Ismay, Chimney Rock and Barker Creek Formations Paradox Basin #2 is currently at 14,108’ (4300m) in the Alkali Gulch Formation and drilling ahead in salt and anhydrite with minor dolomite and limestone. Drilling rates are currently high ranging from 16 to 37 feet per hour. Back ground gas ranges from 10 to 13 units. Petrophysical evaluation of the 8 ½” section has been finalised by RPS Energy including a review by tight gas experts in the US. The results confirm net pay in six intervals including three with commercial potential. Golden State Resources is currently designing production tests on the Ismay, Chimney Rock and Barker Creek formations.
GDN Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held
