GDN - Golden State Resources
- Thread starter chris1983
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Positive ann and then drops $0.005. Just can't figure how this is played
Flow rates is what we're really waiting for. People will still be nervous after what happened in PB 1 & 2, but as Pilots says, different people are drilling this time and it may just be a very different story. (I hold, DYOR.)
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Not sure what you are talking about with PB 1&2? What happened here? And why would different people drilling change anything? Still waiting on flow results? I thought this would be holding steady rather than be peeling off over the week..
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PB 1 & 2 - you can see yourself by looking at the charts. Those are the two spikes that quickly went down again. I understand they had trouble with the casing & water when they fracced the well. This was blamed on the company who did the drilling, fairly from what I can gather (I was not investing at that time.)
To be honest if you haven't read about the company's history & such, I hope you haven't invested yet because it means you haven't done even enough rudimentary research... there is a long, dramatic & very interesting story there which you can get just from forums. I think things will be different this time but you should seek professional advice, as I am nowhere near qualified to give it to you...
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Agree with all your saying however, there has been nothing in any announcments recently to instigate this 20% plus sp drop within the last couple of days. Some investors must know something that we don't
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Agree with all your saying however, there has been nothing in any announcments recently to instigate this 20% plus sp drop within the last couple of days. Some investors must know something that we don't
The drop could be explained by the cap raising or by fear / distrust from what happened in PB 1 & 2. A LOT of people got burned in those two wells. I'm glad it's a different company drilling it (Browns.) They are pros.
You are right though, it is weird & frustrating as a holder to see so many positive announcements & the share price is stagnant. Flow rates are the only thing that will change it, they are a couple of weeks away. I'm not paying attention to what the traders are doing, flow rates announcement will make or break this.
Don't forget that the gas price is now about $4, compared with around $6 in late 2009. There was a suggestion earlier on this thread, around the time that P2 was being drilled, that the gas price needs to be > $6 for wells in this part of the country to be economical. This may be a sweeping generalisation that does not apply in the specific situation that exists here. Nevertheless, if we are looking for reasons for the negative sp response to good drilling reports, the low gas price may be a contributing factor.
bigdog
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Whats happening at GDN?
There have been no reports issued since 6/04/2010 and I imagine no news is bad news!!!!
6/04/2010 8:50:00 AM Logging results confirms total net gas pay exceeds 116 feet
1/04/2010 4:01:00 PM Appendix 3B
1/04/2010 3:59:00 PM Golden State Raises $1.56 Million in Placement
31/03/2010 3:16:00 PM Paradox well reaches total depth
30/03/2010 1:59:00 PM Significant New Gas Show
30/03/2010 10:06:00 AM Drilling Update
8568
There have been no reports issued since 6/04/2010 and I imagine no news is bad news!!!!
6/04/2010 8:50:00 AM Logging results confirms total net gas pay exceeds 116 feet
1/04/2010 4:01:00 PM Appendix 3B
1/04/2010 3:59:00 PM Golden State Raises $1.56 Million in Placement
31/03/2010 3:16:00 PM Paradox well reaches total depth
30/03/2010 1:59:00 PM Significant New Gas Show
30/03/2010 10:06:00 AM Drilling Update
8568
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"There have been no reports issued since 6/04/2010 and I imagine no news is bad news!!!!"
doggy,
You are getting a bit carried away cobber.
The last ann said it would be around 10 days till casing was finished.
Expect an ann on Monday IMO
Daz
doggy,
You are getting a bit carried away cobber.
The last ann said it would be around 10 days till casing was finished.
Expect an ann on Monday IMO
Daz
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They must be confident that PB#3 is a goer. They have just had their permit for deepening PB#1 approved. Wonder what Monday news will be? Good I hope.
http://oilgas.ogm.utah.gov/Data_Center/LiveData_Search/history.cfm?wellno=4301931455
Good I hope.http://oilgas.ogm.utah.gov/Data_Center/LiveData_Search/history.cfm?wellno=4301931455
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They must be confident that PB#3 is a goer. They have just had their permit for deepening PB#1 approved. Wonder what Monday news will be?
http://oilgas.ogm.utah.gov/Data_Center/LiveData_Search/history.cfm?wellno=4301931455
Looking good, isn't it. Hope I can grab some more on Monday before a possible trading halt.
(DYOR.)
They must be confident that PB#3 is a goer. They have just had their permit for deepening PB#1 approved. Wonder what Monday news will be?
http://oilgas.ogm.utah.gov/Data_Center/LiveData_Search/history.cfm?wellno=4301931455
Wait until you get the flow rates
, now a side tract on the first well will be a whole new ball game, just look how big this field is. You have waited a long time here Sharemadder, you only have one month more to go.- Joined
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Thank you Pilots. I must say your recent commentary regards PB#3 does install quite a bit of confidence in me for my decision to see this through. I say that without trying to sound naive about it all. It has been frightful at the best of times and not to mention disappointing.
Gas flows I am eagerly waiting for and so is Dazt49 I imagine. That test rig hopefully arrives soon.
Cheers
Gas flows I am eagerly waiting for and so is Dazt49 I imagine. That test rig hopefully arrives soon.
Cheers
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Have we really been in this since 2006??
Doesnt time fly when you have speccy shares lol
Its dissappointing that the SP wont go anywhere near the old $1.30 mark, different market, different world now.
But I am excited
Doesnt time fly when you have speccy shares lol
Its dissappointing that the SP wont go anywhere near the old $1.30 mark, different market, different world now.
But I am excited
bigdog
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ASX ANN -- THE FIRST SINCE APRIL 6!!
27/04/2010 Completion rig onsite to commence testing on PB3
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01057809
ASX ANNOUNCEMENT 27TH APRIL 2010
UPDATE FOR PARADOX BASIN # 3 ON THE GOLDEN EAGLE GAS FIELD, UTAH. CURRENT OPERATION: PREPARING TO TEST
KEY POINTS:
● A work-over rig is onsite and preparing Paradox Basin #3 for testing
● Testing and stimulation operations will commence early May
● The work-over rig is currently cleaning- up the casing before running bond logs and setting production tubing
● Rig 234 has been demobilised
● The testing programme is being finalised to select completion intervals within the confirmed net gas pay
● The gas occurs in seven intervals with over 116’ of net pay
US focussed oil and gas company Golden State Resources Limited (ASX: GDN) (“Golden State” or “the Company”) is pleased to announce that operations have commenced in preparation for the testing programme. Rig 234 was demobilised on April 8th and was removed from site last week.
A work-over rig presently is preparing the well for the testing and is firstly cleaning the casing in readiness for running the cement bond logs. Casing and cementing was completed by Rig 234 immediately after the logging operations. All indications are the cementing was successful.
Production tests will be conducted on several gas zones within the 118’ of net pay that was previously reported. Testing is scheduled to commence in early May. The final testing programme is expected to be completed this week pending a review of the processed borehole image log (FMI) and final magnetic resonance logs.
The directors of Golden State are very pleased with the progress of the preparatory work on the testing programme in particular the procurement of materials and services. We look forward to the upcoming tests as an important milestone for the company.
The main gas bearing zones are:
27/04/2010 Completion rig onsite to commence testing on PB3
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01057809
ASX ANNOUNCEMENT 27TH APRIL 2010
UPDATE FOR PARADOX BASIN # 3 ON THE GOLDEN EAGLE GAS FIELD, UTAH. CURRENT OPERATION: PREPARING TO TEST
KEY POINTS:
● A work-over rig is onsite and preparing Paradox Basin #3 for testing
● Testing and stimulation operations will commence early May
● The work-over rig is currently cleaning- up the casing before running bond logs and setting production tubing
● Rig 234 has been demobilised
● The testing programme is being finalised to select completion intervals within the confirmed net gas pay
● The gas occurs in seven intervals with over 116’ of net pay
US focussed oil and gas company Golden State Resources Limited (ASX: GDN) (“Golden State” or “the Company”) is pleased to announce that operations have commenced in preparation for the testing programme. Rig 234 was demobilised on April 8th and was removed from site last week.
A work-over rig presently is preparing the well for the testing and is firstly cleaning the casing in readiness for running the cement bond logs. Casing and cementing was completed by Rig 234 immediately after the logging operations. All indications are the cementing was successful.
Production tests will be conducted on several gas zones within the 118’ of net pay that was previously reported. Testing is scheduled to commence in early May. The final testing programme is expected to be completed this week pending a review of the processed borehole image log (FMI) and final magnetic resonance logs.
The directors of Golden State are very pleased with the progress of the preparatory work on the testing programme in particular the procurement of materials and services. We look forward to the upcoming tests as an important milestone for the company.
The main gas bearing zones are:
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23 sales for 650k traded. slow day...again.
Seems to have run out of puff....again.
I reckon we have at least another 6 months wait for real growth of the SP beyong the ST expecations of some holders.
A successful workover of P1 and subsequent re evaluation of the resource size to the 3TCF mentioned in the origional prospectus is what I am looking forward to.
Seems to have run out of puff....again.
I reckon we have at least another 6 months wait for real growth of the SP beyong the ST expecations of some holders.
A successful workover of P1 and subsequent re evaluation of the resource size to the 3TCF mentioned in the origional prospectus is what I am looking forward to.
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sharemadder has theorised that thay are awaiting Federal(BLM) approval before they can rework P2.,P1.
BLM approvals have always taken time,so probably good financial decision to move rig (I saw $10k/day for rig to sit idle)
On P3
From last ann..
" Testing is scheduled to commence in early May. The final testing programme is expected to be completed this week pending a review of the processed borehole image log (FMI) and final magnetic resonance logs."
That may indicate that testing will commence over the weekend or early next week.
BLM approvals have always taken time,so probably good financial decision to move rig (I saw $10k/day for rig to sit idle)
On P3
From last ann..
" Testing is scheduled to commence in early May. The final testing programme is expected to be completed this week pending a review of the processed borehole image log (FMI) and final magnetic resonance logs."
That may indicate that testing will commence over the weekend or early next week.
bigdog
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30/04/2010 Golden State finalises sale of its interest in Johnson Range
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01059334
30 April 2010
Golden State finalises sale of its interest in Johnson Range Iron Ore Project in WA to Cliffs for A$3M and retaining a 2% sales royalty
KEY POINTS:
• Golden State Resources have executed the formal agreement with Cliffs Natural Resources for the sale of its interests in the Johnson Range Iron Ore Project;
• Cliffs has paid Golden State A$3Million, by way of a non-refundable prepayment on future royalty payments;
• Cliffs will pay Golden State a gross royalty of 2% on the 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 tons 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 executed the formal 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$3Million has been paid to Golden State in the form of a non-refundable royalty prepayment.
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.
“Cliffs are the ideal choice to ensure the timely development of the Johnson Range Iron Ore Project which will see benefits flowing through to our shareholders in the foreseeable future. I would also like to thank the board members, staff and consultants for their efforts in finalising the transaction.” said Golden State Resources Limited Managing Director, Mr Richard Sciano.
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.
“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 oil and gas project in the US,” Mr Sciano added.
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01059334
30 April 2010
Golden State finalises sale of its interest in Johnson Range Iron Ore Project in WA to Cliffs for A$3M and retaining a 2% sales royalty
KEY POINTS:
• Golden State Resources have executed the formal agreement with Cliffs Natural Resources for the sale of its interests in the Johnson Range Iron Ore Project;
• Cliffs has paid Golden State A$3Million, by way of a non-refundable prepayment on future royalty payments;
• Cliffs will pay Golden State a gross royalty of 2% on the 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 tons 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 executed the formal 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$3Million has been paid to Golden State in the form of a non-refundable royalty prepayment.
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.
“Cliffs are the ideal choice to ensure the timely development of the Johnson Range Iron Ore Project which will see benefits flowing through to our shareholders in the foreseeable future. I would also like to thank the board members, staff and consultants for their efforts in finalising the transaction.” said Golden State Resources Limited Managing Director, Mr Richard Sciano.
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.
“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 oil and gas project in the US,” Mr Sciano added.
Some new news out today:
KEY POINTS:
• Paradox Basin #1 has produced approximately five million cubic feet of gas during series of production tests
• Flow rates were generally above 2 million cubic feet per day with the highest rate of six million cubic feet per day
• Water production has decreased appreciably since the 2009 tests and appears to be declining with further production
• As a result of the better than expected gas production and lower water rates the work-over has been suspended pending a review of the production potential of the current completion
• Paradox Basin #1 will be shut-in to monitor wellhead pressure while the work-over rig moves to stimulate Paradox Basin #3
• The fracture stimulation programme of Paradox Basin #3 is scheduled to commence Sunday 16th May (Results available mid week)
• Paradox Basin #3 gas shows five and six will be fracture stimulated over the interval 11,674’ to 11,790’
• Show Six was the highest cuttings gas show observed at 3099 units
• Two other completion intervals have been identified and will be subject to future stimulation
Looks like water is on the decline in PB 1. One suspects that if PB 1 can come good then the SP should jump and PB 3 would be an even better bonus. Either way PB 1 is looking a lot better.
KEY POINTS:
• Paradox Basin #1 has produced approximately five million cubic feet of gas during series of production tests
• Flow rates were generally above 2 million cubic feet per day with the highest rate of six million cubic feet per day
• Water production has decreased appreciably since the 2009 tests and appears to be declining with further production
• As a result of the better than expected gas production and lower water rates the work-over has been suspended pending a review of the production potential of the current completion
• Paradox Basin #1 will be shut-in to monitor wellhead pressure while the work-over rig moves to stimulate Paradox Basin #3
• The fracture stimulation programme of Paradox Basin #3 is scheduled to commence Sunday 16th May (Results available mid week)
• Paradox Basin #3 gas shows five and six will be fracture stimulated over the interval 11,674’ to 11,790’
• Show Six was the highest cuttings gas show observed at 3099 units
• Two other completion intervals have been identified and will be subject to future stimulation
Looks like water is on the decline in PB 1. One suspects that if PB 1 can come good then the SP should jump and PB 3 would be an even better bonus. Either way PB 1 is looking a lot better.
