pb1 – some sp observations

This is the GDN chart for the period 17/08/2006 to 20/10/2006:



Some key dates/announcements from the above chart:
• 16/08/2006 – Recommencement of drilling (volume starts to increase and SP slowly rises)
• 27/09/2006 – Oil column encountered, entering Upper Ismay (SP increases significantly)
• 6/10/2006 – Rate of drilling slowed (SP drops fast)

Taken from the Ann dated 6/10/2006:

“The penetration rate is currently 6 to 9 feet per hour. Since last report, slow penetration rates in hard sandstone and chert formation have required replacing the 8 ½” PDC (polycrystalline diamond composite) bit with a tricone bit in an attempt to improve performance.”

So what happened next? I present the chart for the period 17/08/2006 to 31/10/2006:



Some key dates/announcements from the above chart:
• 26/10/2006 – Speeding ticket
• 27/10/2006 –

“The well is at 12,490 feet (3,807 m), drilling in the Alkali Gulch Member of the Pennsylvanian Paradox Formation (see graphic below). The Alkali Gulch Member comprises a cyclic sequence of sandstone, dolomite, black shale and salt; and forms a seal over the primary objective of the well, the Leadville Limestone.”

History repeats, imo.