Australian (ASX) Stock Market Forum

GDN - Golden State Resources

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Wysiwig,
we are all in the same boat, trying to get info.
I have dealt with the same broker for 4 years and had many conversations with him, he has picked good stocks for me. I dont get the impression that he is bull****ting me. Why would he, i am a just 1 client with very small holdings.
 
Yeah that does make sense Dazt.... even if you are a small holder why would he bring his credibility into question re. your future business with him??? hopefully will get a decent reply out of gdn asap.....
 
if the broker is serious about 5 TCF still being in play I would be back in this (in a small way) at these levels, I am dubious however. Even GDN itself was only talking of 3/3.5 TCF pre drill. Let us know how it goes please!
 
i'll keep an eye on hot copper tomorrow... i caught the dude who goes along to gdn saying he's going for another update tomorrow... so may have some more info. from there... i also asked gdn if they had acquired any further acreage in addition to the original 2000 hectares...
 
DAZT49 said:
Wysiwig,
we are all in the same boat, trying to get info.
I have dealt with the same broker for 4 years and had many conversations with him, he has picked good stocks for me. I dont get the impression that he is bull****ting me. Why would he, i am a just 1 client with very small holdings.
Click to expand...

Why would you be trying to get info out of your stockbroker? What would he know that isn't already known by the market. If your broker is bullish on this one it is time to get a new broker. Sounds like he is blowing smoke up your ****.
 
the barry said:
Why would you be trying to get info out of your stockbroker? What would he know that isn't already known by the market. If your broker is bullish on this one it is time to get a new broker. Sounds like he is blowing smoke up your ****.
Click to expand...

sometimes brokers are closer to the company than the wider market, if he has a good track record I would be inclined to listen to his opinion. I didn't have a broker till a year ago but have to say getting one has been a great decision. I still trade my own shares online and trade his ideas through him. Sorry to digress, my point is brokers can be well worth the money if you have a good one.
 
Hi chance fate,

GDN hold 10 457 Ha of land, they have to drill 2 wells with the agreement with eclipse first.

In announcement on the 25th November 2005 and announcement on 26th September 2005 have the details of the leased land and the land they bought at auction.

Thanks.
 
yeah with you Broadside, and in this case I'm interested because dazt's broker is CK Locke who have had a close relationship with golden for some time. If they don't have more info. re. due diligence, than the general market after providing them with capital that'd be surprising....
 
nice one new trader...thanks for that... that could give some basis for the claim of the higher reserves... I was extremely sceptical on the 40 wells 2000 hectares equation... that's way too many. 1 well per 1 square kilometer would be more reasonable but even then very dense spacing.
 
With the greatest respect may I point out that 10,457 hectare is 104.57 square kilometres which (at proposed 40 wells) would give one hole per two and half sq kms. Is that better?
 
yes it is much better than the 40 wells (or even 80 wells) people are talking about on 2000 hectares which is the mapped reservoir size in goldens literature
 
to be totally honest..i've given up all hope on this stock..treating this as capital loss so as to minimise my hefty tax bill this FY. I contemplated topping up..but i think i'll stick with what i got..get the uranium ipo..and goodbye GDN

Money comes and money goes...as long as money in > money out im happy
 
anyone watching this stock could tell you it's a dog after the dodgy management did a pump and dump at $1.20 and release ann's every second day
 
This was posted on HotCopper by Walliska... my read of 'everybody is getting smashed' is that Richard is too... and their financiers... they don't seem to care at this stage.... have had no reply to my email yet...

"
Firstly sorry for the delay folks but have been in meetings all day

What did they say

Spoke to Richard

Rig arrives onsite this Friday as confirmed. There could be a number of days setup time - as expected. They will then begin work on Barker Creek.

They will definitely release results at the completion of each interval. I asked whether we would have these results by 30th June in order for option holders to make a decision.

The answer was "don't know" - he said could take 7 days (guess what - after options stop trading) or could take 20 days - these things happen in oil and gas industry - delays, might have to go off site to get consumables etc

Tried a different approach and asked why the comment made by the analyst was now appearing in reports again and on what basis was this statement made.

The analyst viewed the wireline logs in October after the initial gas and oil finds and based his conclusions on these logs. I then said well why don't you release the analysts findings to the market - don't have to and basically said they needed to secure that information due to competitors / etc.

This gave me some measure of confidence.

I said to him "what would you do with the options" - he basically said he would exercise - I quickly asked how you could come to that analysis relative to the information in the market. Did not really get a reply but mumbled something about a wireline log again.

I may be incorrect here but we have been analysing the picture they release each time and wonder why the gas or oil formations are shown bigger (shading) up the well rather than Barker Creek which they describe as major gas interval. Posed this question and mumbled something about wireline logs again.

Questioned him about underwriting options - no real answer but my tip is either Locke or Oceania have already a verbal agreement in place - subsequently as I said before they don't really care about the shore term share price.

One comment that irked me was that he said "everybody is getting smashed" - well andrewe - I invested quite heavily in SDL and they shot to 40 cents today and they are not getting smashed - so who is"

Sorry for the vague information but simply repeating what was the least informative discussion I have had with them. At least he remembered who I was.

My underlying feeling is they have a commercial well - and that those that hang around will reap the rewards - to them June 30th has no meaning.

Wally

Am on way home so if you have any questions or I think of other things said will be back online round 7:00pm"
 
chance fate said:
This was posted on HotCopper by Walliska... my read of 'everybody is getting smashed' is that Richard is too... and their financiers... they don't seem to care at this stage.... have had no reply to my email yet...

"
Firstly sorry for the delay folks but have been in meetings all day

What did they say

Spoke to Richard

Rig arrives onsite this Friday as confirmed. There could be a number of days setup time - as expected. They will then begin work on Barker Creek.

They will definitely release results at the completion of each interval. I asked whether we would have these results by 30th June in order for option holders to make a decision.

The answer was "don't know" - he said could take 7 days (guess what - after options stop trading) or could take 20 days - these things happen in oil and gas industry - delays, might have to go off site to get consumables etc

Tried a different approach and asked why the comment made by the analyst was now appearing in reports again and on what basis was this statement made.

The analyst viewed the wireline logs in October after the initial gas and oil finds and based his conclusions on these logs. I then said well why don't you release the analysts findings to the market - don't have to and basically said they needed to secure that information due to competitors / etc.

This gave me some measure of confidence.

I said to him "what would you do with the options" - he basically said he would exercise - I quickly asked how you could come to that analysis relative to the information in the market. Did not really get a reply but mumbled something about a wireline log again.

I may be incorrect here but we have been analysing the picture they release each time and wonder why the gas or oil formations are shown bigger (shading) up the well rather than Barker Creek which they describe as major gas interval. Posed this question and mumbled something about wireline logs again.

Questioned him about underwriting options - no real answer but my tip is either Locke or Oceania have already a verbal agreement in place - subsequently as I said before they don't really care about the shore term share price.

One comment that irked me was that he said "everybody is getting smashed" - well andrewe - I invested quite heavily in SDL and they shot to 40 cents today and they are not getting smashed - so who is"

Sorry for the vague information but simply repeating what was the least informative discussion I have had with them. At least he remembered who I was.

My underlying feeling is they have a commercial well - and that those that hang around will reap the rewards - to them June 30th has no meaning.

Wally

Am on way home so if you have any questions or I think of other things said will be back online round 7:00pm"
Click to expand...


Seriously, what a load of crap. Why would you bother excersisng the options, you could just buy the shares at the same price on the open market. Jeez, what a suprise, the director said he "would" excersie the options. Big suprise there. I bet there not worried about the short term share price, they've dumped all there shares long ago. Time to wake up people, get ready for one big cgt write-off. What a big suprise it would be if the results weren't out before the options expire. Expect a, " we have ****loads of gas" announcement with no figures before hand. Wakey, wakey, people.
 
... I'm starting to think quite a number of those options are held by insto's anyhow... does anyone know a way of checking the %insto v's %public holding...
 
... seems like I'm posting too much on this thread... apologies... here's a copy of the email i sent to gdn yesterday. I'm starting to get the feeling I won't get a reply because the questions pin them down to providing market sensitive info. on their assumptions.... any thoughts?


"Dear Sir/Madam,

I am a long term shareholder in Golden State Resources and would be grateful if you could
advise on the following query regarding the potential for revision to the pre-drill reserves
estimates associated with the Golden Eagle prospect.

I have understood from various sources including a brokerage firm that the reserves
expectation for the Golden Eagle prospect could range up to between 500Bcf and 5Tcf;
requiring up to 80 wells for field development. These numbers are significantly different
from my own deterministic calculation of reserves for Barker Creek based on a 16km² prospect
with 10m net pay 5% porosity i.e. between 50 and 75 Bcf, and also those presented pre-drill
for the entire prospect including Leadville (50-440-3000Bcf). I would be grateful if you
could advise whether the current view on the potential range of reserves has changed,
whether it still includes the Leadville prospect, what this range is excluding the Leadville
prospect, and if relevant the reason for the revision.

I�d also be grateful if you could advise on the total Paradox Basin acreage currently held
by Golden State Resources i.e. whether there have been acquisitions further to the original
2000 hectare starting point.

Thank you in advance for your time and I look forward to your reply,
"
 
Chance,
Cant find that post by Wally on HC, do you have the ref number?
He is about the only one on that thread who makes any sense. Dont know what those guys do for a job GDN has 100's of posts!!
 
DOW up 187..Nasdq and FTSE also up, hopefully that might give todays ASX a boost..........................................
 

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