haven't posted here (GGP) for some time, see that many of the old faces are still here. Haven't followed the story since leavig. Hope you've had some resolution from where I left off.
Purpose of my drop by, I have a share that's been at rock bottom for some time, was going to frack gas and supply to most of central to northern NSW. Well that was until the state govt kiboshed the idea. Oh another for the tax man. Has been sitting down at 0.001 for some time, millions upon million of sellers, but no buyers. Go figure.
Occasionally someone picks up a million or two, so I thought I should take a little peek at see why this colossal investment of my is attracting attention.
Whoa, looks like we're going oiling, Cache Oilfield, Colorado USA,
The Cache oilfield is located in Montezuma County and was discovered in 1964. Cache lies 16 kms east of the Aneth field (10,000 BOPD; cumulative 100 Million barrels of oil produced). Recent geophysical and petrophysical analysis suggests only 20% of the 24 Million barrels of original oil in place (sweet 44°-45° API) have been produced (~5 Million barrels).
The Cache Field produces from the Pennsylvanian age Ismay reservoir at a depth of ~5,600 feet (average180 feet thick) and comprises of a series of limestones, dolomites, shales and anhydrides deposited in a biopharma/biostromal carbonate mound. The Cache field produced historically approx. 5 million barrels from 24wells (40 acre spacing) drilled throughout the 1960’s most of which are now closed. Initial well production was between 1,400 - 3,000 BOPD but quickly declined leading to the need for secondary recovery by implementing a water injection strategy. Production has continued to the present day from 3 wells with declining flow rates to the current rate of 12 BOPD from one well.
Modern horizontal/multi-lateral drilling technology and extraction techniques will be used in order to try and establish sustainable economic flow rates from new wells.
LINK. http://www.asx.com.au/asx/statistics/announcements.do?by=asxCode&asxCode=ROG&timeframe=D&period=M6
What do you reckon gang, have another shot at being an oil producer?? Who's with me??
Can't remember the price of GGP when I bailed, but I think think its currently up from there.
Good luck to you all.
Dr
GGP Price at posting:
0.6¢ Sentiment: None Disclosure: Not Held
