GDN - Golden State Resources
- Thread starter chris1983
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pilots,
"Cuttings gas increased from a background of 54 units and reached 548 units."
500+units in todays an, how do you read that?
bigdog
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Thanks DAZT49 - found the ANN
GDN SP +$0.006 (+9.836%) to 0.067 at Tue 23 Mar 2010 10:31 AM
23/03/2010 9:59:00 AM 3 Drilling Update
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01049225
ASX ANNOUNCEMENT 23 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 encountered significant gas shows over a 26’ interval from 10,692’ to 10,718’
● Cuttings gas increased from a background of 54 units and reached 548 units
● The chromatograph indicates the gas is a mixture of methane and ethane similar to the Ismay Formation gas in Paradox Basin #1
● High cuttings gas levels were also recorded in shale over the interval 10,664’ to 10,672’
● Paradox Basin #3 is currently at 10,874’ and is drilling ahead.
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.
Paradox Basin #3 has encountered significant gas shows over a 26’ interval from 10,692’ to 10,718’. Cuttings gas increased from a background of 54 units and reached 548 units. This is a similar show to that observed in the Ismay Formation in the Paradox Basin #1 well. The chromatograph indicates the show gas is a mixture of methane (34,250 ppm) and ethane (234 ppm) which is similar to the Ismay Formation gas produced from Paradox Basin #1. The show occurs in a mixed clastic interval comprising shale, siltstone and sandstone.
High cuttings gas levels were also recorded over the interval 10,664’ to 10,672’. Gas levels increased to 168 units in a shale.
Paradox Basin #3 is currently at 10,874’ and is drilling ahead, current background gas is approximately 42 units
GDN SP +$0.006 (+9.836%) to 0.067 at Tue 23 Mar 2010 10:31 AM
23/03/2010 9:59:00 AM 3 Drilling Update
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01049225
ASX ANNOUNCEMENT 23 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 encountered significant gas shows over a 26’ interval from 10,692’ to 10,718’
● Cuttings gas increased from a background of 54 units and reached 548 units
● The chromatograph indicates the gas is a mixture of methane and ethane similar to the Ismay Formation gas in Paradox Basin #1
● High cuttings gas levels were also recorded in shale over the interval 10,664’ to 10,672’
● Paradox Basin #3 is currently at 10,874’ and is drilling ahead.
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.
Paradox Basin #3 has encountered significant gas shows over a 26’ interval from 10,692’ to 10,718’. Cuttings gas increased from a background of 54 units and reached 548 units. This is a similar show to that observed in the Ismay Formation in the Paradox Basin #1 well. The chromatograph indicates the show gas is a mixture of methane (34,250 ppm) and ethane (234 ppm) which is similar to the Ismay Formation gas produced from Paradox Basin #1. The show occurs in a mixed clastic interval comprising shale, siltstone and sandstone.
High cuttings gas levels were also recorded over the interval 10,664’ to 10,672’. Gas levels increased to 168 units in a shale.
Paradox Basin #3 is currently at 10,874’ and is drilling ahead, current background gas is approximately 42 units
I read it as they have a Gas field, now they have to find out how big it is
.You now have to wait for the wire line logs.
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Not the time for jumping up and down yet imo.
Wait for those wire line logs hey pilots?
Punters still worried about this drill..water? hence the slow response to otherwise good news
Wait for those wire line logs hey pilots?
Punters still worried about this drill..water? hence the slow response to otherwise good news
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Given Obama just signed a bill nationalizing US healthcare, does anyone else feel Sovereign risk is a factor in why GDN has not yet taken off?
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that question is beyond my comprehension.
GDN has been a much abused daytraders plaything,but good luck to them they are making money and thats why we all invest right.
I also believe that punters on HC forum ( and there are many of them)have long influenced the SP, jumping on and off illogically, at the drop of a hat.
GDN has been a much abused daytraders plaything,but good luck to them they are making money and thats why we all invest right.
I also believe that punters on HC forum ( and there are many of them)have long influenced the SP, jumping on and off illogically, at the drop of a hat.
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Nice ann today, I get the impression they are playing down results from this well, or at least toning down the language..
P1, P2 anns would be trumpeting FANTASTABILIC GAS FLOWS !!!
Anyone shed some light on this line from todays ann...
"Show zone 3 appears to have encountered a live gas zone..."
P1, P2 anns would be trumpeting FANTASTABILIC GAS FLOWS !!!
Anyone shed some light on this line from todays ann...
"Show zone 3 appears to have encountered a live gas zone..."
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pilots,
I see your transformation from the dark side is complete lol
be glad when this little sell off is complete and we get some real trading.
I see your transformation from the dark side is complete lol
be glad when this little sell off is complete and we get some real trading.
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Trading halt!
Is this related to the announcement of the iron ore sale
OR
An announcement from P3?
Is the iron ore sale a cover for a indifferent result from P3??
Is this related to the announcement of the iron ore sale
OR
An announcement from P3?
Is the iron ore sale a cover for a indifferent result from P3??
bigdog
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29/03/2010 9:49:00 AM Golden State sells its interest in Johnson
Range Iron Ore Pr http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01050672
Golden State sells its interest in Johnson Range Iron Ore Project in W.A. to Cliffs for A$3M and retains a 2% gross sales royalty
KEY POINTS:
● Golden State Resources has entered into a letter agreement with a subsidiary of Cliffs Natural Resources for the sale of its interests in the Johnson Range Iron Ore Project;
● Cliffs will pay Golden State $3M, as a non-refundable royalty prepayment;
● Golden State will receive a gross royalty of 2% on iron ore sales from the tenements as well as a 2% gross royalty on the sale of all other minerals;
● Cliffs Asia-Pacific Iron Ore business unit operates the Koolyanobbing and Cockatoo Island mining operations which sold 8.5 million tonnes in 2009;
● The Johnson Range tenements adjoin Cliffs existing Yilgarn developments and can be developed to supplement exports via Esperance; and
● The sale will entitle Cliffs, an existing producer in the region, to contribute to the development of the Johnson Range Iron Ore Project and is seen as an ideal way to accelerate the project development.
Golden State Resources Limited (ASX: GDN) (“Golden State” or “the Company”) wishes to advise that it has entered into an agreement with Cliffs Asia Pacific Iron Ore Pty Ltd ("Cliffs") to sell all of its right, title and interest in the Johnson Range Iron Ore Project (“Johnson Range”) in the Yilgarn region of Western Australia.
As partial consideration for the sale, A$3M will be paid to Golden State in the form of a non-refundable royalty prepayment and is payable on the execution of a formal agreement on or before April 30th2010.
Cliffs will also pay Golden State a 2% gross royalty, based on the average/tonne FOB sales of all iron ore transported from the Johnson Range project area. In addition Golden State will also be entitled to a 2% gross royalty on the sale of all other minerals transported from the project.
“After much consideration, and a review of a range of development opportunities, the board felt that Cliffs were a perfect choice to ensure the timely development of the Johnson Range Iron Ore Project,” said Golden State Resources Limited Managing Director, Mr Richard Sciano. “We felt that Cliffs’ proven development and mining abilities would ensure the project was developed to the benefit of the Company and its shareholders, and allow the Company to focus its attention on the development of its other assets, in particular its Golden Eagle gas field in the US,” Mr Sciano added.
The Johnson Range project is located in the Yilgarn region and is near Cliffs Windarling iron ore deposits where mining operations have occurred for a number of years. Iron ore deposits have been located within the project area, with field sampling confirming the presence of high grade ores.
The Yilgarn region of Western Australia is predicted to emerge as the second largest iron ore producing area in Australia, with existing infrastructure and port facilities at Esperance the area is well ahead of other emerging iron ore producing areas.
Range Iron Ore Pr http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01050672
Golden State sells its interest in Johnson Range Iron Ore Project in W.A. to Cliffs for A$3M and retains a 2% gross sales royalty
KEY POINTS:
● Golden State Resources has entered into a letter agreement with a subsidiary of Cliffs Natural Resources for the sale of its interests in the Johnson Range Iron Ore Project;
● Cliffs will pay Golden State $3M, as a non-refundable royalty prepayment;
● Golden State will receive a gross royalty of 2% on iron ore sales from the tenements as well as a 2% gross royalty on the sale of all other minerals;
● Cliffs Asia-Pacific Iron Ore business unit operates the Koolyanobbing and Cockatoo Island mining operations which sold 8.5 million tonnes in 2009;
● The Johnson Range tenements adjoin Cliffs existing Yilgarn developments and can be developed to supplement exports via Esperance; and
● The sale will entitle Cliffs, an existing producer in the region, to contribute to the development of the Johnson Range Iron Ore Project and is seen as an ideal way to accelerate the project development.
Golden State Resources Limited (ASX: GDN) (“Golden State” or “the Company”) wishes to advise that it has entered into an agreement with Cliffs Asia Pacific Iron Ore Pty Ltd ("Cliffs") to sell all of its right, title and interest in the Johnson Range Iron Ore Project (“Johnson Range”) in the Yilgarn region of Western Australia.
As partial consideration for the sale, A$3M will be paid to Golden State in the form of a non-refundable royalty prepayment and is payable on the execution of a formal agreement on or before April 30th2010.
Cliffs will also pay Golden State a 2% gross royalty, based on the average/tonne FOB sales of all iron ore transported from the Johnson Range project area. In addition Golden State will also be entitled to a 2% gross royalty on the sale of all other minerals transported from the project.
“After much consideration, and a review of a range of development opportunities, the board felt that Cliffs were a perfect choice to ensure the timely development of the Johnson Range Iron Ore Project,” said Golden State Resources Limited Managing Director, Mr Richard Sciano. “We felt that Cliffs’ proven development and mining abilities would ensure the project was developed to the benefit of the Company and its shareholders, and allow the Company to focus its attention on the development of its other assets, in particular its Golden Eagle gas field in the US,” Mr Sciano added.
The Johnson Range project is located in the Yilgarn region and is near Cliffs Windarling iron ore deposits where mining operations have occurred for a number of years. Iron ore deposits have been located within the project area, with field sampling confirming the presence of high grade ores.
The Yilgarn region of Western Australia is predicted to emerge as the second largest iron ore producing area in Australia, with existing infrastructure and port facilities at Esperance the area is well ahead of other emerging iron ore producing areas.
Surely the vital information regarding the iron ore sale is the sale itself - what additional information could be so important that it requires a trading halt?
Any suggestions about the P3 results are pure speculation - don't forget they are drilling on.
GDN also have a significant interest in WCU.
Any suggestions about the P3 results are pure speculation - don't forget they are drilling on.
GDN also have a significant interest in WCU.
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imo it is P3 news.
We were due for an update today, dont think they would have reached TD over the weekend. (They had 800 ft to drill last friday morning.)
Hopefully a big gas intersection!!
We were due for an update today, dont think they would have reached TD over the weekend. (They had 800 ft to drill last friday morning.)
Hopefully a big gas intersection!!
Sales from this morning, before the trading halt
Time Price ($) Volume Value ($)
10:19:23 AM 0.066 50,000 3,300.000
10:18:43 AM 0.066 50,000 3,300.000
10:15:58 AM 0.067 114,232 7,653.544
10:15:58 AM 0.067 85,768 5,746.456
10:15:37 AM 0.067 70,732 4,739.044
10:15:37 AM 0.066 75,000 4,950.000
10:15:37 AM 0.066 275,300 18,169.800
bigdog
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29/03/2010 Trading Halt Request (normally page 2 of ASX trading halt)
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01050794
Request states: "pending an announcement regarding Paradox Basin #3 activity update"
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01050794
Request states: "pending an announcement regarding Paradox Basin #3 activity update"
