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GDN - Golden State Resources

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BD, You will all so see in that photo, that they have no track to run the Top Drive, Now look at the photo of the rig you see on the right hand side two white tanks, on the ground in front of the first tank you see a yellow thing on the ground, that is a swivel, that tells me that rig has NOT been using a Top Drive.
 
Looking at the last photo I would say they are Air drilling. This will be why they have made so much hole this fast.
 
ASX ANN Feb 25

PARADOX BASIN #2 UPDATE

Golden State Resources Limited has run 13⅜” casing to 3,806’. The well is currently circulating through the stage tool waiting for the stage 1 cement to set, prior to cementing the upper stage. The well is expected to drill out of casing once the second stage cement has set.

Operations on the Paradox Basin #2 well are proceeding ahead of schedule. Unit Rig 234 drilled to the surface casing point at 3,806’ in approximately 7 days and has run the 13 ⅜” casing and set the first stage of two stages of cement. The second stage cement is expected to be completed today before continuing to air hammer drill in 12 ½“ hole to approximately 6,000’ before switching to a conventional mud system and rotary drilling.

Current operations are eight days ahead of schedule and are 16 days ahead of the equivalent operations in the Paradox Basin #1 discovery well. Rig 234 has performed reliably through‐out operations with minor lost time due to a minor electrical problem. Minor time losses have also been attributed to reliability of the air hammer.

Paradox Basin #2, the second well on the Golden Eagle Gas Field, will appraise the extent of gas bearing horizons in Pennsylvanian and Mississippian reservoirs. The Mississippian Leadville Limestone is expected 600 ft higher than in Paradox Basin #1.

The well is also located closer to known faults and is more likely to encounter fracture enhanced porosity, which is a consideration in the placement of potential naturally productive wells on the nearby Lisbon Field.

Timeline
• Permit -- Completed
• Site works completed -- Completed
• Select spud rig -- Rig 234
• Spud -- December
• Deep drilling rig on site -- February 2009
• Drilling -- 80 Days
• Testing and completion -- 20 days
• Potential first production -- August 2009
 
Re: GD - Golden State Resources

The market thinks this is still a dog, don't for get that the first well is a duster, yet the company is still telling us that they have a gas field.
It is frustrating that they don't tell us the truth, they should of told us they was air drilling.
It still looks to me that GDN still have NO ONE who's knows any thing about drilling a well.
 
pilots, the first well had hydrocarbon shows, it was the directors that put the bold word commercial in all their releases. which sent the sp up to $1 and more then crashed and burned thereafter. within the industry no one liked the reporting used and no one gives them and credibility for doing so either.. the damage to the credibility of the entire small cap oil explorers really was hiyt hard by those wild claims.. if they claim to have a gas field then so be it, are they claiming to have a commercially viable gas field?

its clear the first vertical well was not commercial, the releases were very misleading, and its clear now the decision to drill out the cement rather than a simple sidetrack was a critical decision that cost a bundle.. and the evidence so far only shows the rock is hydrocarbon saturated. its worth nothing unless you can extract it at commercial rates, which with a vertical well is unlikely, then in any case the company will need a lot of capital in the future to fund the development program.. i see this current well as a exploration well, if it finds suitable hydrocarbons that it believes can be extracted at commercial rates, imho the plan would be for further capital raising and for perhaps alternatives like expensive horizontal drilling to be explored.. but you would want an experienced operator in that play to be on the job..
 
ASX ANN today - reports drilling ahead of schedule by approximately 4 days!!

03-03-2009 09:27 AM GDN Paradox Basin No 2 Update

PARADOX BASIN #2 UPDATE

The Paradox Basin #2 appraisal and development well on the Golden Eagle Gas Field in Grand County Utah is currently at 5051’ (1540m). Operations are proceeding ahead of schedule by approximately 4 days. In comparison to the Paradox Basin #1 well the current operations are twelve days faster. The look ahead is to switch from the air hammer to normal rotary drilling.

Drilling operations on the Paradox Basin #2 appraisal and development well are proceeding ahead of schedule by approximately 4 days. Unit Rig 234 drilled to the surface casing point at 3,806’ in approximately 7 days and has run and cemented the 13 ⅜” casing. The well is currently at 5051’ (1540m) and is switching from the air hammer to normal rotary drilling.

In comparison to Paradox Basin #1 current operations are ahead by at least 12 days of the equivalent depth. The drilling rig is performing well and we look forward to continued improvements in performance throughout the well.

Paradox Basin #2, the second well on the Golden Eagle Gas Field, will appraise the extent of gas bearing horizons in Pennsylvanian and Mississippian reservoirs. The first appraisal zone will occur below the next casing and based on penetration rates in analogue wells this should occur in late March or early April.
 
Shouldn't be too long now until we get to the zones of interest. Any sign of a gas show and we should see a bit oif interest in the SP.

Happy to hold my free-carried parcel at this stage...
 
All time drill record for GDN, 19 days ahead of schedule, amazing.

End of week then casing before entry into Ismay.

 
ASX ANN today
11-03-2009 10:09 AM GDN Request for Trading Halt

The trading halt is required to allow sufficient time for an announcement to be made by the company in relation to a report issued by RPS Group Plc.

RPS Group Plc is a global consultancy that is conducting an independant valuation of the Golden Eagle project and its Gas-Initally-In-Place (GIIP) estimates.

11-03-2009 10:04 AM GDN Trading Halt
Trading Halt issued
 
Just starting the interesting bit of the journey but liked today's announcement (as did the market). This ride could be fun...

Happily holding a free-carried parcel of GDN
 
What does "The results confirm Golden Eagle as a new field discovery which has confirmed discovered gas and significant upside potential" really mean???

Why did not GDN request an US company to conduct the review?
-- RPS is a West Australian Coy!

Todays ASX ANN
11-03-2009 02:54 PM GDN Independent auditors report on Golden Eagle Gas Field

The Directors of Golden State Resources Limited are pleased to announce the completion of an independent audit of the Golden Eagle gas field in Grand County Utah by RPS Energy. The results confirm Golden Eagle as a new field discovery which has confirmed discovered gas and significant upside potential

Hydrocarbon in place estimates for the Golden Eagle gas field where prepared in accordance with SPE/WPC/AAPG/SPEE Resource Management System (PRMS, 2007), by a team of independent experts from RPS Energy. The results confirm the large potential of the Golden Eagle gas field. Full details are provided in the Opinion letter.

In accordance with the above standards of resource management the Gas Initially in Place (GIIP) is categorised firstly into confirmed discovered gas which has been produced on test and is supported by petrophysical data. Both the Barker Creek and Ismay Formation accumulations fall into this category. The second category is undiscovered gas. Undiscovered gas represents zones which have not produced gas on test but which have strong indications of gas initially from ditch cuttings and petrophysical evaluation indicates contain movable hydrocarbons.

The GIIP is estimated at Low volume and high confidence (P90), Mid volume and mid case (P50) and High volume lower confidence (P10) levels. These divisions reflect the expected ranges in key parameters such as areal extent, thickness, porosity, and hydrocarbon saturations.

The Paradox Basin #2 well will appraise both the discovered and the undiscovered GIIP and once completed will extend the area attributed to the P90 estimate which was determined by using a 640 acre area around the Paradox Basin #1 discovery well. Successful tests in the Alkali Gulch or Leadville Formation would move their respective GIIP into the discovered category. Paradox Basin #1 did not successfully test the Alkali Gulch or Leadville Limestone. On completion of Paradox Basin #2 the additional data recovered will enable the resource estimate for Paradox Basin #1 to re‐defined at the Alkali Gulch and Leadville levels.
 
 
This should come under the heading of JOKE.
They drill ONE well, it was a expensive duster.
Second well drilling and they call it a gas field. We as yet have no gas,how can it be a gas field??
 
26 Units of back ground gas, you will find that in ANY hole you drill ANY place.
How that can be price sensitive is truly unbelievable.
 
Golden State Resources like any company needs promote their company.

The review was by RPS (a local West Australian Coy).

Mr. Rick De Boer (Executive Director of Golden State Resources Limited since December 2008) recently held the position of Geological Manager with RPS Energy
 
pilots said:
26 Units of back ground gas, you will find that in ANY hole you drill ANY place.
How that can be price sensitive is truly unbelievable.
Click to expand...

There was not much reaction after todays ANN
GDN $0.064 +0.003 +4.92% high of 0.067 248,209 shares $16,119 @ 13-Mar 11:15:43 AM

13/03/2009 Paradox Basin No 2 Update

DRILLING STATUS REPORT – 13 MARCH 2009

Paradox Basin #2, Grand County, Utah

  • The Paradox Basin #2 appraisal is currently at 7877 feet (2401m) and running in hole after a bit change and full inspection of the drill string
  • The next casing point will be below 10000 feet and Golden State expect to reach the casing depth early next week
  • Levels of background gas have increased with up to 26 units and increased levels of connection gas. Locally traces of ethane have been detected.
  • Unit Rig 234 continues to outperform the drilling plan and is currently 25 days ahead of the equivalent depth in the Paradox Basin #1 well.
 
G'day Bigdog.
True, not an amazing reaction but I'm happy to take any SP rise in this market. Interesting to see what announcements will be forthcoming as they drill deeper, and how the market responds. Wonder if we will get a few GDN 'specials' - the old 'fart is a strong gas show' hype to get the SP moving before results? Hope so


Still holding my free-carried parcel
 
Looks like the interest is returning now as we get closer to the business end for GDN. 7.5c today... I smell more profits Knowing GDN, the ride will be a roller-coaster but news soon will hopefully provide plenty of big peaks!

Holding GDN
 
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