What were Johns views on NDO when they were under 4c?
He can be a bit hit and miss at times...no doubt due to the obvious need to cover many many stocks...and not necessarily any of them in absolute detail.
How many of the surroundng wells has he studied...especially some of the previously plugged and abandoned wells in the immeiate surrounds, that have since been re-entered and now economic?
The region is renown for misleading and ambiguous results...especially in the earlier days with rather rough-as-guts drilling practices...and particularly at depth.
An issue for the region has always been drilling fluid damage to the formations, as underbalanced drilling in this part of the world is often too dangerous...as such, overweight muds are the order of the day, which can often mask or even damage potential pay, especially at depth.
Delta's nearby Greentown State 36-11, recently blue a BOP valve and flowed uncontrolled during posts-frac flow-back operations for some 5 or so days...it hit a high pressured gas zone clearly higher than 5,000psi (the BOP valve rating)...and flowed some 12mmcf/day during this time. During drilling, mud gas shows were in the 2000 unit range and pressures reported at 8,500psi.
Their Salt Valley 25-12, another small accumulation but with significant gas flows (currently 3.5+mmcf/d from just 30% of available zones)...was simply described as "encouraging" during drilling, with only minor drilling mud gas shows. It has since been declared one of their best to date!
Might want to look into this a little more before carefully discounting results to date.
Regardless however, the stock is in the hands of the traders...so nothing short of "confirmed commerciality" will have much impact.
Cheers!
GDN Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
