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GDN - Golden State Resources

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To Pilot,

Would you be kind enough to explain to an idiot what the size of the choke has to do do with the flow? Surely a 'larger hole' only means less pressure and, if any thing, somewhat increased flow. Are you an expert in hydraulic engineering?
 
muzzza said:
Interesting BESBS.. You don't mind these companys hoovering around the 4-6cents mark..... hehehehe
Click to expand...

obviously you have not seen the GDN history, 2 years ago it was hoovering around the low numbers and in a few good months it made it to over $1 atlesast twice, so if history thought us anything is that it repeat itself, lets hope that by the mid/end of 2009 things are going to be the same!
 
Re: GD - Golden State Resources


Shanty, if it was a two inch choke you would have no PSI, that tells you you have very little gas down hole, most gas wells flow around PSI up to as high as 20,PSI.
I am not a engineer, have worked on gas/oil wells.
 
Shanty, last post wrong, should read, if you had a two inch choke you would have no PSI, this tells me you have next to no gas in that well.
Most wells run at from 1500 PSI up to 20,000 PSI.
 
So far so good. Although drilling has barely scratched the surface and we have a gas show that has not yet been subjected to more stringent testing, GDN now up to 7.5c . If we get another announcement that is viewed positively by the market, I reckon 8c is more than likely by the week's end. Need the announcement though.

Happily holding GDN (in at ave. 5.3c)
 
BES, Drilling has not started yet, all they have done is set a conductor pipe, this can be done with a water well rig.
GDN don't even have a rig signed up for the contract yet.
 
Fair point, Pilot.
Got excited - should have stated work-over has commenced.

Punters continue to keep the GDN bandwagon rolling...finished 8c today.
Reckon it might ease a little if no further announcements for a while. Knowing GDN, they'll be trying to get some positive news out there.
Holding on for the ride...
 
Bes, I think you will find that, if the work over is no good on well No.1, it will be hard to get No.2 started.
 
G'day Pilots.

In this market, I agree. Without good/promising results from Paradox 1, getting funding for Paradox 2 will be tough.
Remember that BESBS stands for Buy Early Sell Before Spudding. In this case, I am happy to hold some for a bit longer but will be taking profits along the way. I'm no 'double or nothing' type. At present, 55% profit is pretty good in this market. I'd even look at selling out and then re-entering prior to drilling if all looks OK. Need to find out again how long the current workover is planned to take.

Still in and watching happily for the moment.
PS> Got to 8c on the dot, as predicted on the 22/12

PSS> Keep up the posts, Pilot. It is good to have a poster who sees the potential downside and states it in a clear, non-emotive fashion that I can use as a sounding board. Have a good Christmas.
 
BES, I do find it strange that this was not all tested when the last rig was on the well, GDN last time could not tell a oil rig from a 747, I would hope this time they hire some one who knows about the oil game. Will be back in 3/4 days, you have a safe and happy Xmas.
 
Amazing what a couple of bottles of St. Henri can do! Had sold a few GDN but decided to sell back to a free-carried parcel in GDN. Last batch went at 7.5c yesterday. Happy to lock in profits around 40% at this stage. Good results from the workover and GDN might well go for a run and if it does, I still have the free-carried parcel. If results are disappointing, the SP might drop as funding Paradox 2 could become problematic.

Still hoping for a great announcement but taking the safer option...
 
It is not looking good just now, by now they know the flow rate, if it was any good they would be screaming it from the roof tops.
Lets say the flow rate was poor, they have had more than enough time to frack it, and flow test, this is my bet only, IT IS NOT LOOKING GOOD.
If they can't make the first well work, it will be VERY hard to get the money for the second well.
 
The flows they are testing is the ismay only. 1 of 7 significant zones. Not the primary target "Leadville" either. 1mmcfd is ok for one zone of interest.

Para#2 is near the fault and is said to be in a better position for porosity and pearmability. Leadville is the primary target.

Para#2 will be funded. I am told they have the funds if required now. They are waiting for better sp, hoping Para#1 is better so less dilution. In any case Para#2 is a given to be drilled.

Why because the multiple targets can be tested properly not like Para#1 which most of it was damaged during hanger recovery.

Cheers
 
The story about the recovery of the casing hanger damaging some of the zones is BS.
Get then to tell you how it would damage the zone.
 
Pilots

I disagree with you 100%

Anyway we wait for the next ann.

Para#2 will tell the whole story when complete whether the lease has the goods.

Enjoy New Year's celebrations safely everyone.
 
What was GDNs old saying, TWO MORE WEEKS.
The story about the zones being damaged is wrong, you see the well was cased, the whole time they was fishing, how would the zones be damaged. I believe that was a good story at the end of the well to justify the fact that the well was a duster.
As for drilling No two, the hard part is what will they use for money??
Have a safe new year.
 
Won't matter too much for me.

Profits locked in for a free-carried parcel. If the results are good, then SP increase is a bonus . If Pilot is right, then I jump quickly and still make some good (although less) money.

Still hoping that the announcement is good news!
 
Pilots

The well flows gas, how can it be a duster? Save, its not proven commercial gas flow yet. So that is what Rick at GDN is testing, reservoir potential and whether they can flow more gas from further stimulation techniques.

Gee's u really bad on GDN. Thinks are turning for GDN for the better imo.

Doing what some have and locking in free carried parcels is smart.

Regards raising capital, they will raise more money easy as they have always in worst conditions than this when ****e hit the fan on Para#1 and delays. Got to have some faith mate that things going to get better.

 
Any well drilled will flow gas, getting it to be commercial is the hard part, this new round of fracking will add more cost to the well, should they ever get it to flow commercial, the well can NEVER pay for itself. You should only flog a dead horse for so long.
Good luck with your trading this year, we all deserve it after what happened last year.
 
Sharemadder, they have had all the time they need to frack and test, if we don't get good news by the end of this week, you can kiss the first well good buy. If they can't get the first one commercial, I don't hold any hope getting the money together for the second one.
 
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