Problems with the first well were: 1/ They completely stuffed up the drilling & casing 2/ The rock in the good zones wasn't fractured enough for good gas yields 3/ Many gas-bearing zones showed water
They have tried to rectify these problems by: 1/ Using a drilling team that knows what they're doing. Its all going MUCH smoother this time 2/ They have moved updip to an area closer to the fault which should mean much more porus/fractured rock. 3/ Moving updip to intersect the gas-bearing zones above the water table. They planned to above the water table, and this latest ann indicates they have hit the top of the Paradox Basin 352 feet higher than expected, so water should not be an issue.
GDN Price at posting:
10.0¢ Sentiment: Buy Disclosure: Held