then and now, next week's the go.

On 20 October 2006 GDN shares closed at 31 cents. The Paradox Basin #1 well was drilling ahead at 11,480 feet in the first major objective the Barker Creek Member of the Pennsylvanian Paradox Formation. It was a Friday ahead of the weekend break. Volume that day was just over 2 million shares.

The following Monday the volume went up to 7 million shares and the shares headed north to 40 cents, There was no status drilling report that day October 23. On the following day Tuesday 24 October the status drilling report said the well was at 11,950 feet and still in the Barker Creek member. The media release claimed "strong formation gas pressures and gas influx to well upgrade production potential" Note no actual gas flows to the surface much less detailed flow rates.
That Tuesday volumes ramped up to 26 million shares.The share price closed at 53 cents.

Wednesday 25 October was a quiet day. No drilling reports. Volume dropped to 11 million shares and the stock closed at 53 cents.

Thursday GDN copped a plese explain from the ASX which obviously drew more attention to the stock. Volumes were back up to 23 million and the share price closed at 73.5 cents. We were starting to see 20 cent jumps in a day.

On Friday 27 October the status drilling report put the well at 12,490 feet and drilling in the Alkali Gulch member. GDN said PB #1 would reach the target Leadville Foramtion in 5 days. It reminded the market that this was a potential 3 Tcf target. The heads closed the day at 87 cents on volume of 32 million shares.

On the following Monday GDN requested a trading halt, another attention grabbing manouevre. And on Tuesday 31 October the company reported a "significant gas discovery in the Alkali Gulch zone". The share closed at $1.20 on volume of 41 million.

But that was a good as it got in the first run at the Leadville formation. As we all know the operator face a problem with pipe stuckin the hole and it was another 4 months before drilling resumed.

Whats the point of all this? I think possibly we are at the same position today as the market was on 20 October 2006. And if that's the case we could expect at least a four fold increase in the share price from here over the next week or so as we drill through the same formations with the same reports of elevated gas readings etc etc as PB #1.

The shares will ride higher the closer we get to the Leadville. Maybe above 50 cents or even much higher who knows, not much else to punt on in the sector ATM.

Time to get out or lighten up will be when the well is in the Alkali Gulch formation.

THe GDNO back in 2006 follwed the head shares up though I don't have the chart of the highs they reached it was I assume over a dollar.

So the moral is hang in there for the ride. We have only just left the station in my view.