GDN - Golden State Resources

[doctorj]

Please attribute these rumours to a respectable source before 1230 WST or I'm going to delete these posts.

Otherwise, you're more than welcome to "confirm" these rumours with the honourable posters over at HC.

 

[Mr Right]

Please attribute these rumours to a respectable source before 1230 WST or I'm going to delete these posts.

Otherwise, you're more than welcome to "confirm" these rumours with the honourable posters over at HC.

I can't confirm and i have never confirmed anything. You can go ahead and delete it.

 

[bigdog]

Called GDN on 08-9486-4633 and Stacey advised that John is still in WA office and not sure of his movements

John was at a meeting.

 

[Mr Right]

Called GDN on 08-9486-4633 and Stacey advised that John is still in WA office and not sure of his movements

John was at a meeting.

Did you ask if there were any off take possibility?

 

[bigdog]

Did you ask if there were any off take possibility?

Called GDN on 08-9486-4633 and Stacey advised that John is still in WA office and not sure of his movements

Yes and Reception was not aware of john's movements

 

[rwkni1]

Did you ask if there were any off take possibility?

Maybe you can ask your mates what their sources are for this info.... that would probably be easier. Either way, i can't really see how this would work because:
1. Why would a gas distributor would be signing deals to buy gas that they don't even know exists?
2. Why would GDN care about off-take agreements at this stage of development?

 

[bigdog]

ASX Ann today

The market did not like Ann today
GDN $0.655 -$0.055 -7.75% 2,734,535 shares $1,894,144 19-Feb 15:59:58

119 feet milled since last report Feb 7 and not yet finished with a rate of about 10 feet a day!

Announced Fieldwork to start on Thompson uranium project!

IMO there is about 182 feet yet to be milled

This has been calculated as 742 feet lost, less 246 recovered 31 Jan; less 195 feet recovered Feb 7 and less 119 feet recovered Feb 19.

GDN 2:33 PM Exploration Update
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00694373

 

[josh82]

What are everyones thoughts bout this one??
Im not holding any but must be frustrating for those who are.
Do you think it will stay at this price or correct below .60 again?I think it will drop a bit, think those holding will reduce further

 

[the barry]

What are everyones thoughts bout this one??
Im not holding any but must be frustrating for those who are.
Do you think it will stay at this price or correct below .60 again?I think it will drop a bit, think those holding will reduce further

I would stay well away from this stock until they have recovered the lost piping. There will definatly be more short term pain until the pipe is recovered and the drilling recomences.

 

[bigdog]

ASX ann Feb 23
GDN 5:30 PM Prospectus -- Capital Raising Shares
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00696508

$5.4 million in the bank to continue development of the Paradox Basin #1 oil and gas well in Grand County, Utah, USA and to provide additional working capital funding to support this activity.

1.1 Purpose of the Offer
The Company has issued to investors a total 8,852,462 Shares at an issue price of 61 cents each to raise $5,400,000 ("Capital Raising"). This Prospectus has been issued to facilitate secondary trading of Shares issued under the Capital Raising ("Capital Raising Shares"), as these Shares were issued without disclosure to investors under Part 6D.2 of the Corporations Act. A prospectus is required under the Corporations Act to enable persons who were issued Capital Raising Shares to on-sell those Shares within 12 months of their issue.

The Capital Raising will allow the Company to fund development of the Paradox Basin #1 oil and gas well in Grand County, Utah, USA and to provide additional working capital funding to support this activity.

The Company did not issue the Capital Raising Shares with the purpose of the persons to whom they were issued selling or transferring their securities, or granting, issuing or transferring interests in, those securities. However, the board of the Company consider that such persons that have been issued the Capital Raising Shares should be entitled, should they wish, to on-sell their Shares prior to the expiry of 12 months after their issue.


Closing date for acceptance and receipt of applications under the Offer* 28 February 2007

Last day for despatch of holding statements* 2 March 2007
*These dates are indicative only.

 

[Wysiwyg]

The s/p should drop back to the 60c mark in line with offer I think.No time to apply on such short notice for me. Good of them to offer at same price but some more notice would have been thoughtful. :321:

 

[jtb]

The s/p should drop back to the 60c mark in line with offer I think.No time to apply on such short notice for me. Good of them to offer at same price but some more notice would have been thoughtful. :321:

No mate, this is old news.
The prospectus has nothing to do with us and simply refers to the shares taken up by CK Locke and Oceanic asset management announced last month.
From a quick glance the prospectus is simply stating the shares will be tradeable amd not escrowed for any period.

Cheers

 

[Wysiwyg]

No mate, this is old news.
The prospectus has nothing to do with us and simply refers to the shares taken up by CK Locke and Oceanic asset management announced last month.
From a quick glance the prospectus is simply stating the shares will be tradeable amd not escrowed for any period.

Cheers

It is a public offer to buy those investor shares at 61 c.The public offer to buy those investor shares (at the same price)came out at 5.30 p.m. on Friday so the offer is not old news.Is that a correct interpretation?

1.2 Details of the Offer
By this Prospectus, the Company is offering the public to apply for 1 Share at an issue
price of 61 cents to raise 61 cents.
1.3 Opening and Closing Dates
The Offer will open for receipt of acceptances at 9.00am WDT on 26 February 2007
and will close at 5.00pm WDT on 28 February 2007 or such other date as the
Directors, in their absolute discretion, may determine.
1.4 Minimum Subscription
The minimum level of subscription for the Offer is 1 Share to raise 61 cents.

 

[constable]

I would stay well away from this stock until they have recovered the lost piping. There will definatly be more short term pain until the pipe is recovered and the drilling recomences.

Ive been in and out of the options for the last 3 weeks with a big smile on my face, however im glad im not holding at the minute! Looks like tankville come monday with a move back to the low 60's insight.

 

[jtb]

It is a public offer to buy those investor shares at 61 c.The public offer to buy those investor shares (at the same price)came out at 5.30 p.m. on Friday so the offer is not old news.Is that a correct interpretation?

"1.1 Purpose of the Offer
The Company has issued to investors a total 8,852,462 Shares at an issue price of
61 cents each to raise $5,400,000 ("Capital Raising"). This Prospectus has been
issued to facilitate secondary trading of Shares issued under the Capital Raising
("Capital Raising Shares"), as these Shares were issued without disclosure to
investors under Part 6D.2 of the Corporations Act. A prospectus is required under the
Corporations Act to enable persons who were issued Capital Raising Shares to on-sell
those Shares within 12 months of their issue."

I would assume this is allow them to onsell to clients or @ their discretion.

Interesting to speculate on the DD info these guys must have seen in regard to the existing logs. Considering the rollercoaster this has been on (with the DT's) placing that amount of stock @ 61c bodes well for the existing upper shows. Considering the hole has only brushed the down dip extremities of these zones (having been sited to target the as yet , ooh so close, primary targets and only sample the shallower secondaries) I assume the good faith and hard cash has been fronted purely on what is already above bogged rods.
The updip volume of these existing hits is enormous so even without the Leadville /McCracken primary we should already conservatively be looking at the equivalent ADI type target of 200 BCF ($$$$$$ per share). Logs indicate good porosity for the region............

Got stopped out the heads twice -Options are go.

Go GDN

 

[bigdog]

ASX ann Mar 1 2007
GDN 5:27 PM Appendix 3B
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00699338

We attach an Appendix 3B relating to the issue of 1 new ordinary share (GDN) as per the prospectus lodged on 23rd February 2007. The closing date for the prospectus was 28th February 2007. The prospectus was issued to satisfy compliance requirements associated with the capital raising of $5,400,000 as announced to the market on the 30th January 2007. No other shares will be issued in relation to this prospectus.

Can someone please advise why one share would be issued @ 61 cents?
-- Ann does state: "No other shares will be issued in relation to this prospectus"

Is one share being issued to public and the rest being issued to sophisicated investors to raise total of $5.4 million?

Or is this a change of plan?

 

[white monkey]

why on earth have they just released one new share? capital raising of 61c?
do they need to buy a stamp or something?

 

[bigdog]

ASX ann March 12

Still milling with no indication of how many feet to recover or time this will take!!!
-- the last GDN Exploration Update was on 19-02-2007

IMO there is about 77 feet yet to be milled where the last 105 feet took 17 days with average daily rate of six feet per day.
-- 77 feet to go = 13 more days to go!!!!!

This has been calculated as 742 feet lost, less 246 recovered 31 Jan; less 195 feet recovered Feb 7; less 119 feet recovered Feb 19 and less 105 feet recovered March 12 update report!


GDN 2:58 PM Drilling Status Report
Drilling Status Report – 12 March 2007
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00701888
http://www.asx.com.au/asxpdf/20070312/pdf/311f284csn5mrm.pdf

• Paradox Basin #1 oil & gas well, Grand County, Utah, is at 15,397 feet
(4,692 m) in the Pennsylvanian Molas Formation, at the top of the
well’s primary objective. The rig is recovering a length of lost drill pipe
above the casing hanger, prior to drilling into the Leadville Limestone
objective

• Lost pipe recovery is proceeding. 105’ of pipe has been milled since last
announcement - milling continues

PARADOX BASIN #1 OIL & GAS WELL, UTAH USA
Paradox Basin #1 oil & gas well continues to recover a lost section of drill pipe left in the hole, attached to a casing hanger above 9,150’.

Since the last announcement, 105’ of drill pipe in the well has been milled. The milling rate over the period has been slow but progressing without any serious event. Penetration has been effected by pipe breaking off and fouling the mill bit, resulting in more bit trips than would be normal. The drill string has been swapped out to accommodate wear on hard banding.

Once the mill reaches the casing hanger, the well will be cased at 7” to the surface to preempt any risk resulting from damage to the 9⅝” casing during the milling and recovery process. After cementing, running a bond log and conducting a BOP test, the well will drill on at 6⅛” into the major objective Leadville Limestone. Paradox Basin #1 is at 15,397 feet (4,692 m), in the Pennsylvanian Molas Formation, a distinctive terra rossa palaeosol horizon
formed on the top of the Leadville Limestone, the primary objective of the well.

 

[bigdog]

The market did not like more bad news today with SP down 3.5 cents to 58.5 cents

GDN $0.585 -$0.035 -5.65% 1,145,967 shares $694,090 @ 12-Mar 16:10:10

 

[Wysiwyg]

The market did not like more bad news today with SP down 3.5 cents to 58.5 cents

GDN $0.585 -$0.035 -5.65% 1,145,967 shares $694,090 @ 12-Mar 16:10:10

Hopefully with Spring in the air the workers can thaw out and enjoy the scenery a bit.Oilers oilers oilers...the hardest stock to predict. From now on I will think the worst and may get a pleasant surprise one day.