GDN could finally have a 83-1/3 working interest(78% net revenue) in the 22,350 acres and the Golden Eagle Gas project is being drilled now:
23 Aug 2005: The Golden Eagle Project, agreements and working- as well as net interest: http://sa.iguana2.com/cache/13a92372b94a17c6829cd3371950f42a/ASX-GDN-297218.pdf
The prospect of a commercial well looks very good IMHO and drilling reports so far point to a good quantity of gas.
Success will put a floor under the share price and GDN's high working interest will enable GDN to farm out future drilling projects without incurring too much expenditure; even more so if the second well can deliver as well.
Wait and see!
Gerry Readers, please do your own research and you decide if and when to buy, hold or sell any stocks or metals/commodities.
GDN Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
