Australian (ASX) Stock Market Forum

GDN - Golden State Resources

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and it keeps rising: vwap at 2PM approaching 7.2c
If I knew how, I'd attach a chart (must learn how - maybe this w/e :) )
 
ASX ANN
8/03/2010 8:31:00 AM Drilling Update
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01044663

ASX ANNOUNCEMENT 8MARCH 2010

DRILLING UPDATE FOR PARADOX BASIN # 3 ON THE GOLDEN EAGLE GAS FIELD, UTAH. CURRENT OPERATION DRILLING AHEAD

KEY POINTS:
● Paradox Basin #3 is drilling ahead in the Honaker Trail Formation
● The Honaker Trail Formation was intersected at 7,970’ and is 344’ updip from Paradox Basin #1
● Background gas is averaging 15 to 20 units with peaks of 127 units and connection gas to 192 units
● The rate of penetration is approximately 20-25’ per hour and the well is on target and is maintaining a steady trajectory
● The Paradox Formation is expected at 9,941’

US focussed oil and gas company Golden State Resources Limited (ASX: GDN) (“Golden State” or “the Company”) is pleased to update shareholders on the progress with drilling operations at its Paradox Basin # 3 (PB#3) production well, its third well on the Golden Eagle Gas field in the highly productive Paradox Basin region of Utah.

Drilling of the PB#3 production well commenced on 27 January 2010 and operations are proceeding to plan.

The well is currently at 8,172 in 8 ¾“hole. Drilling is progressing well and it is anticipated to reach the top of the prospective Paradox Basin later this week.

Background gas is averaging 15 to 20 units with localised peaks of up to 127 units. Connection gas has reached 192 units. The Honaker Trail Formation was intersected at 7,795’ which is 344’ updip of the Paradox Basin #1. Paradox Basin #3 is targeting crestal production from the Pennsylvanian Paradox Basin. The lithology has changed to limestone and sandstone.

The well has a current lateral reach extending 3,000’ to the north of Paradox Basin #1 and is closing on subsurface targets in the Paradox Basin Sequence. The Paradox Formation is expected to be intersected at 9,941’ and the Ismay Formation is expected at 11,063’.

1126
 
Good to see they are up dip by 300 feet, that will be the end of the water trouble, next week will be good.
 
Thanks, Pilots, your commentary was very helpful last time.

Recent rates of progress, as reported are:
22 - 26 Feb: 4 days, 698ft, 174 ft/day
26 Feb - 2 Mar: 4, 800, 200
2 Mar - 4 Mar: 2, 825, 412
4 Mar - 8 Mar: 4, 747, 187

At 187 ft/day, they will reach the Ismay on 23-24 Mar.
187 ft/day is a lot slower than their stated rate of penetration of 20-25'/hr, so clearly the rate of penetration only applies when they are actually drilling. If they were to drill non-stop, @ 25'/hr, they would reach the Ismay on 13 March.

So, there's a timing window there - no worries, it all seems to be going well.
 
pilots,
Back from the long white cloud?
whats your take on background and connection gas flow rates?
 
Will be home next week, the back ground gas is normal, when it gets to 1000units after a bit trip, you will know that we are in the money.
 
Two updates in three days!!!!

10/03/2010 Drilling Update
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01045331

ASX ANNOUNCEMENT 10MARCH 2010
DRILLING UPDATE FOR PARADOX BASIN # 3 ON THE GOLDEN EAGLE GAS FIELD, UTAH. CURRENT OPERATION DRILLING AHEAD

KEY POINTS:
● Paradox Basin #3 is drilling ahead in the Honaker Trail Formation at 8,532’
● Background gas is averaging 10 to 20 units with peaks of 66 units and connection gas to 206 units.
● The well is on target and is maintaining a steady trajectory
● The Paradox Formation is expected at 9,941’

US focussed oil and gas company Golden State Resources Limited (ASX: GDN) (“Golden State” or “the Company”) is pleased to update shareholders on the progress with drilling operations at its Paradox Basin # 3 (PB#3) production well, its third well on the Golden Eagle Gas field in the highly productive Paradox Basin region of Utah.

Drilling of the PB#3 production well commenced on 27 January 2010 and operations are proceeding to plan.

The well is currently at 8,532’ in 8 ¾“hole and drilling ahead with a new bit and modified bottom-hole assembly. Drilling is progressing well and it is anticipated to reach the top of the prospective Paradox Basin later this week.

Background gas is averaging 10 to 20 units with localised peaks of up to 66 units. Connection gas has reached 206 units. Since the last report the bit has been replaced and the hole reamed and conditioned.

The Honaker Trail Formation was intersected high to expectation at 7,795’ which is 344’ higher than the intersection in Paradox Basin #1. As a result it is expected the Paradox Formation will also be appreciably updip of the Paradox Basin #1 discovery well. Paradox Basin #3 is targeting crestal production from the Pennsylvanian Paradox Basin.

The well has a current lateral reach extending approximately 3,100’ to the north of Paradox Basin #1 and is closing on subsurface targets in the Paradox Basin Sequence. The Paradox Formation is expected to be intersected above 9,941’ and the Ismay Formation is expected at 11,063’.
 
The average penetration for the last two days is 180 ft/day.
The average since 22 Feb (17 days) is 201 ft/day.
The quickest period was 2-4 Mar (2 days) @ 412 ft/day
At 201 ft/day, they will be into the Ismay 22-23 Mar.
At 412 ft/day, they will be into the Ismay 16 Mar.
The actual rate depends on how much down time there is for "....the bit has been replaced and the hole reamed and conditioned" type activities.
We hope there will no jams and/or breakages, etc!
 
It went from 5.2 to 8.0 in 6 trading days - that's 54%, so a bit of profit taking, on declining volume, is understandable - it looks to me like consolidation before another upleg.
 
Three updates this week!!!

WRONG'UN how is GDN progressing?

12/03/2010 8:29:00 AM Drilling Progress Report
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01046118

ASX ANNOUNCEMENT 12 MARCH 2010
DRILLING UPDATE FOR PARADOX BASIN # 3 ON THE GOLDEN EAGLE GAS FIELD, UTAH. CURRENT OPERATION DRILLING AHEAD

KEY POINTS:
● Paradox Basin #3 is drilling ahead in the Honaker Trail Formation at 9,095’
● Since the last report background gas is averaging 10 to 20 units with peaks of 53 units
● The well is maintaining a steady trajectory and is on target
● The Paradox Formation is expected high to the pre-drill prediction of 9,941’ based on the high intersection of the Honaker Trail Formation
● At current rates the well should reach the Paradox Formation over the weekend

US focussed oil and gas company Golden State Resources Limited (ASX: GDN) (“Golden State” or “the Company”) is pleased to update shareholders on the progress with drilling operations at its Paradox Basin # 3 (PB#3) production well, its third well on the Golden Eagle Gas field in the highly productive Paradox Basin region of Utah.

Drilling of the PB#3 production well commenced on 27 January 2010 and operations are proceeding to plan.

The well is currently at 9,095’ in 8 ¾“hole and drilling ahead at variable rates. Drilling is progressing well and it is anticipated to reach the prospective Paradox Formation over the weekend depending on bit life.

Background gas is averaging 10 to 20 units with localised peaks of up to 53 units. Higher gas is observed during connections.

As previously mentioned the Honaker Trail Formation was intersected high at 7,795’ some 344’ higher than the intersection in Paradox Basin #1. As a result Golden State have upwardly revised the expected intersection of the Paradox Formation. Paradox Basin #3 is on target to be appreciably up-dip of the Paradox Basin #1 discovery well. Paradox Basin #3 is targeting crestal production from the Pennsylvanian Paradox Basin.

The well has a current lateral reach extending approximately 3,200’ to the north of Paradox Basin #1 and is closing on subsurface targets in the Paradox Basin Sequence. The Paradox Formation is expected to be intersected at 9,580’. The prognosis for the Ismay Formation will be revised once the well reaches the Paradox Formation.
 
The last two days were @ 281.5 ft/day, cf 201 ft/day for the two before that.
At 281.5 ft/day, they will hit the Ismay about 19 March.
They now expect the Paradox to be (361ft) high. If the Ismay is also high, by the same amount, they will hit it one day sooner - say 18 March.
 
The latest two days were at 263 ft/day. They now estimate the Ismay to be 643 ft higher. At 263 ft/day, and at the revised height, the Ismay will be entered on 17 March. They mention at least one more bit change - it is assumed that this/these will take place after they have entered the Ismay, ie. no effect on the 17 March estimate.
Getting close to the interesting time!
 
ASX ANN
15/03/2010 8:27:00 AM Drilling Update
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01046587

ASX ANNOUNCEMENT 15 MARCH 2010
DRILLING UPDATE FOR PARADOX BASIN # 3 ON THE GOLDEN EAGLE GAS FIELD, UTAH. CURRENT OPERATION DRILLING AHEAD

KEY POINTS:
● Paradox Basin #3 has reached the top of the Mississippian Paradox Basin
● The well has made good progress over the weekend and is currently drilling ahead at 9,883’ in the Paradox Formation
● The provisional Formation top is 9,545’ feet which is 396’ higher than the predrill prediction
● Levels of background gas have increased to 20 units with higher readings during connections.
● The well is on target to intersect the Ismay Formation in a crestal location appreciably higher than the Paradox Basin #1 well

US focussed oil and gas company Golden State Resources Limited (ASX: GDN) (“Golden State” or “the Company”) is pleased to update shareholders on the progress with drilling operations at its Paradox Basin # 3 (PB#3) production well, its third well on the Golden Eagle Gas field in the highly productive Paradox Basin region of Utah.

Drilling of the PB#3 production well commenced on 27 January 2010 and operations are proceeding to plan. The well reached the prospective Mississippian Paradox Basin sequence late on Sunday when the Paradox Formation was intersected at 9,545’ which is 396’ high to the pre-drill prediction and 35’ higher than the revised prediction based on the higher than expected Honaker Trail intersection.

Levels of background gas have increased and are now in the range of 20 to 50 units. Higher gas levels are present during connections and localised peaks up to 74 units have been measured.

The well is currently at 9,883’ and has a lateral reach extending approximately 3,400’ to the north of Paradox Basin #1 and is closing on subsurface targets in the Paradox Basin Sequence. The Ismay Formation is expected to be intersected at approximately 10,420’.

The well is on target and appears to be going up the stratigraphic dip. The forward plan is to continue drilling into the Ismay Formation. It is expected that at least one more bit change will be required.
 
The changes have been underlined

15/03/2010 9:42:00 AM 3 Revised drilling update
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01046662

REVISED ASX ANNOUNCEMENT 15 MARCH 2010
DRILLING UPDATE FOR PARADOX BASIN # 3 ON THE GOLDEN EAGLE GAS FIELD, UTAH. CURRENT OPERATION DRILLING AHEAD
KEY POINTS:
● A gas show of 138 units was recorded at 9,752’ was reported in the morning report
● Paradox Basin #3 has reached the top of the Mississippian Paradox Basin
● The well has made good progress over the weekend and is currently drilling ahead at 9,883’ in the Paradox Formation
● The Paradox Formation is 396’ high at 9,545’ feet
● Levels of background gas have increased
● The well is on target to intersect the Ismay Formation in a crestal location appreciably higher than the Paradox Basin #1 well

US focussed oil and gas company Golden State Resources Limited (ASX: GDN) (“Golden State” or “the Company”) is pleased to update shareholders on the progress with drilling operations at its Paradox Basin # 3 (PB#3) production well, its third well on the Golden Eagle Gas field in the highly productive Paradox Basin region of Utah.

Drilling of the PB#3 production well commenced on 27 January 2010 and operations are proceeding to plan. The well reached the prospective Mississippian Paradox Basin sequence late on Sunday when the Paradox Formation was intersected at 9,545’ which is 396’ high to the pre-drill prediction and 35’ higher than the revised prediction based on the higher than expected Honaker Trail intersection.

A gas show of 138 units was recorded in a mixed sandstone and limestone interval from 9,752’ to 9,758’. The show corresponds to a minor drilling break. Below the show the background gas levels has increased with gas peaks of 44, 42, 49, 74, and 70 units between 9,760’ to 9,810’. These revised results were just issued by Summit Mudlogging in the morning report. Levels of background gas have increased and are now in the range of 20 to 50 units.

The well is currently at 9,883’ and has a lateral reach extending approximately 3,400’ to the north of Paradox Basin #1 and is closing on subsurface targets in the Paradox Basin Sequence. The Ismay Formation is expected to be intersected at approximately 10,420’.

The well is on target and appears to be going up the stratigraphic dip. The forward plan is to continue drilling into the Ismay Formation. It is expected that at least one more bit change will be required.
 
17/03/2010 9:50:00 AM Drilling Operations Update
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01047738

ASX ANNOUNCEMENT 17 MARCH 2010
DRILLING UPDATE FOR PARADOX BASIN # 3 ON THE GOLDEN EAGLE GAS FIELD, UTAH. CURRENT OPERATION RUNNING IN HOLE WITH NEW BIT

KEY POINTS:
● Golden State Resources is currently preparing to drill-ahead into the primary target zones in the Upper Ismay and Desert Creek Formations
● Since the last report we were required under Utah State law to conduct a compulsory service and test of the Blow Out Preventer
● The hole has been reamed and conditioned and is in good condition
● The well is at 9,897’ in the Paradox Formation preparing to drill ahead
● The Paradox Formation was encountered at 9,545’ feet which is 396’ higher than the pre-drill prediction
● The new bit is expected to reach the planned total depth
● The well is on target to intersect the Ismay Formation in a crestal location appreciably higher than the Paradox Basin #1 at approximately 10,420’
 
Thanks Bigdog.
Based on the reported information, I believe this means they will be intersecting the Ismay about Friday, and drilling through it over the weekend -so Monday's report will have special interest.
Friday's report should give a better idea of the timing.
 
22/03/2010 10:00:00 AM Drilling Update
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01048854

ASX ANNOUNCEMENT 22 MARCH 2010

DRILLING UPDATE FOR PARADOX BASIN # 3 ON THE GOLDEN EAGLE GAS FIELD, UTAH. CURRENT OPERATION RUNNING BACK IN HOLE

KEY POINTS:
● Paradox Basin #3 is currently at 10,680’
● The well is running back in hole after replacing the mud motor
● The well was approximately 160’ above the original anticipated depth for the Upper Ismay Formation when the mud motor failed
● Since the last report a trip to replace the telemetric system was also required
● The Ismay Formation is expected in the next 250’
● Drilling will recommence later this morning
 

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