oil fired appreciation or just gaseous emissions

Golden State's share price has continued inching upwards as the drill has inched downwards. The last report of 20 foot of 'significant' oil shows while still well above the first of the major targets in the well (11 in all for a potential 3 billion MCF) seems to have encouraged a few punters.
We've been getting reports every five days or so which would suggest early next week before we hear how the perforation of the first major target has gone. However, if anything significant occurs before then, sudden volume might be the best indicator. Some good hits at 26 cents have gone through this morning (up around 8 percent) so it's either speculators getting positioned or whispers of something more substantial down hole.
I'm holding. DYOR.
Gupper