"The problem with the drilling contractors may indicate lack of experience in oil/gas exploration"
The above keeps coming up as the reason for a marginally productive well. You need to keep in perspective the following before laying blame on the drilling company.
1. drilling companies are directed by the well operator 2. Eclipse and Delta are not johhny come latelys to drilling 3. Two equipment failures occurred of which $750k was recovered and a further $7m is subject to legal recovery. 4. Original report in 2005 highlighting a 3 trillion gas field also indicated ' high risk' 5. GDN management was new to the oil/gas arena and most probably didn't know how to say no believing in a big hit first time around.
Paradox Basin has oil and gas but as with all gas/oil plays its a risky business. Look at the majors - they come up with dry wells.
GDN Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
