GDN - Golden State Resources

[new_trader1984]

Hi agent m, paradox basin is normally low flowing but can also get 5-10mmcf in the right areas, lisbon field wells close to faults said thats where the best flowing wells for them came from.

The lisbon field is only a 100kms south from pb2. The new company in the area fidelity has a lot of permits and are producing from 3 wells, i can only see the first wells reports since everything else of theirs is confidential in the last couple of years. The flow rates are small but the wells flow for a long period of time at sustained rates with minimal decreases. The flow rates are around 0.5mmcf per day and they still went ahead with another 12 permits in the area aswell as a couple already drilling. This isnt a small company with a market cap of over 3 billion and in the fortune 500. They also have about 80% of production from the rocky mountains area, also 70-80% of the reserves is from the area. They increased their greentown acerage to 95000 net acres.

MDU resources has done a presentation recently which shows their area in utah but from looks of it seems its just 1 structure on their land since they have wells outside the red line on the map in the presentation.

There is also a new well that was drilled late last year and already producing, since december it has been producing gas and each month the flow rate has been increasing, the well is named san arroyo 1625-220 it is 77 miles north slightly to the east of pb2. The daily production started around 0.6mmcf its now over 1mmcf it doesnt seem much but the flow rate of gas from the well is increasing each month based on the data on utah oil and gas.

Most wells in utah stay at 10 000 feet or less since production has been achieved at those depths such as lisbon hit leadville and deeper formations around 8-10 000 feet when pb2 has to drill to 15000 feet to hit leadville. This seems to be the case for most drilling in utah for producing wells and very few that drill to 15000 feet have been productive doesnt mean none were just most have been dry. That is why reports kept saying how significant the first well was it found large gas intervals deeper then 10000 feet. The paradox formation, which has gas shows this time didnt the first well is a producing formation on vertical wells, the ismay formations are a big producing formation on vertical wells, desert creek, akah barker creek all producing decent amounts of gas with no horizontal drilling.

Even leadville and alkali gulch produce from vertical wells mostly but horizontal drilling will increase the amount of production that could be achieved and better flow rates.

Lisbon field has produced most of the total gas from the leadville formation and considering its distance from pb2 it may offer some hope that leadville will flow on this well.

I could give you a list of wells in the area many of them flowed under 1mmcf per day and still were put into production.

This well here called are w20-16 is a big producing field, from the reports it looks like there are a number of wells producing for the company, the report seems a bit harder to read to understand if the zones they are producing from are producing by multiple wells or the one well, it seems likely its from multiple wells the total produced by the report is 169,393,111mmcf.

You might want to have a look at that one since you might understand the report better, the well is a lot further from pb2 compared to lisbon but you might be interested in the reports.

Most in the area near pb2 produce under 1mmcf but that can be improved. I guess just have to wait and see if the wells will flow at decent rates.

The reason the area is popular for gas and oil is because the rates dont decrease much over time and are wells that produce for a very long time frame.

Also you mention paradox has to be a monster for it to economic, so far p90 reserves give 27bcf over 640 acres if they can get the full strucutre to be proven as a field producing from those formations p90 reserves could easily be 150-200bcf or higher, after recent results its possible to think p90 estimates will be increased by a decent amount. Many companies report p50 estimates and if gdn did that then they would already be saying 100-150bcf field and over the full structure thats almost 1tcf alone. (thats if the 4940 acres are productive from those 4 formations and good results over the full area for that estimate). It would take a long time to get it to that stage so a 27-50 bf estimate on what is currently known on a p90 estimate seems like a good place to start to see if worth producing. If gdn wanted a quick dollar they could drill a couple more wells get the p90 estimates a lot higher then sell the full acerage but it seems more likely they want to get multiple wells producing in the area and then look at other possible structures on their land.

Not sure if this answers any of your questions though.

 

[pilots]

Re: GD - Golden State Resources

Well what a week, all the long term holders got none of the cheap shares, only the close mates that was in the know, same people that get the good info, and when to sell.. I seam to remember not long ago we had people here telling me that GDN had more money than they needed to finish this well, wonder what what went wrong??
I keep reading about all the wells around GDNs well doing this and that, Delta gave up on them because of the high cost and the low return. The big trouble around them is that the formation has many fault lines in it, this lets the gas migrate, most of the gas traps are very small.
Once the logging is over GDN will know what zones have gas, THEY WON'T HAVE A CLUE HOW MUCH, this can only come from a DST or flow testing at the end of the well.
I read here about wells miles away producing half a Mil, they never recover the cost on them, the same wells will flow allot more, but the slower you flow them the more you can recover. All around GDN you have a lot of high PSI traps that are low volume, GDN will be hoping for one of them just now, as this will let the ramp team work the SP up.
Look at it this way, you have a swimming pool full at 100 PSI, or you can have a watering can full at 2,000PSI, its all in the way you word that report.
We will all know NOTHING until the flow test have been run, don't forget the flow test on the first well, what a joke, they have Oil and Gas but cant test it
Had GDN still had the ramp master posting on this you would have been back over the dollar now.

 

[new_trader1984]

hi pilots, you seem to know a lot about oil and gas wells, can you tell us what a mdt will find out when they do them?

They started to do those tests monday tuesday.

thanks.

 

[sharemadder]

NT

Pilots knows lots about wells.

I will give you a clue.

Under another nick Pilots once said "The rig moved and PB#1 was once P&A"

Pilots is always on GDN.

 

[Sean K]

Re: GD - Golden State Resources

Had GDN still had the ramp master posting on this you would have been back over the dollar now.

Who is the ramp master pilots?

I haven't been following this thread that closely, but's looking very ADI ish.

 

[new_trader1984]

Hi below are comments over the last 5 reports by proactive investors and can see the increased confidence they have had since drilling the first gas shows. I also have posted some links to read about the mdt testing and some points from those websites.

The testing results might be why they are more confident with barker creek and ismay now to say the comments they did in the proactive article on Friday afternoon.

7th april
The increase in gas shows from 26 units to 398 is important for the sheer qantum increase in gas shows as anything else. There appears no question, that a gas zone was encountered. As Rick indicated about the gas shows in Upper Ismay formation, "it is a nice little pay zone". The good porosity was also a big positive.
Hitting marine sandstone was important as it could indicate a "better and bigger reservoir" putting GDN in a "wonderful position" as Rick put it.

9th april

Clearly, it's way to early to say whether gas shows to date are commercial, but it looks very positive.

15th april


"Hit pretty good reservoirs"
- "Not the same reservoir sands in #1"
- "This is very different to #1"
- "Really nice sands"


23rd april


Rick de Boer
I am very encouraged by the drilling results achieved so far. They are as good as it gets and every indication we have is positive. We are very buoyed by the results.

PB#2 is testing the formations at optimal points and we seem to have a lot of gas associated with sandstone based porosity. Results from the Chimney Rock formation are particularly good, where gas has flowed from near shore marine sandstone bars that were not encountered in PB # 1.

Chimney Rock may well contain a new reservoir not found in PB # 1, sealed by shale with good porosity from sandstone bars within that formation.

Net pay zone thickness will be determined after logging is done. This will occur after drilling has been completed.


1st of may

Chief Geologist Rick de Boer is clearly buoyed by the results to date, "we are confident we can get production out of Ismay and Barker Creek".



The comments above are from articles by proactive investors and are rick de boer’s comments.


I have been looking at websites on the mdt testing tool and have also looked at the updated file on pb2 on the oil gas website which was updated to 6am on the 25th of april 2009. 6am on the 25th in utah is 10pm on the 25th here and at that time they were at 12746 feet. That means they had 208 feet to drill from 6am Saturday morning before they were to stop and start running tests and casing. The announcement on Monday 27th to shareholders said they were at 12920 feet and stopping at 12954 feet. They would have been at 12920 feet at around 6am 26th april utah time which is 10pm 26th april est. So maybe reports to shareholders are based around the reports to oil gas utah which is written at 6am each morning, this means running tests could have started anytime after 11am Sunday utah or 3am Monday 27th april est. This has given them atleast 5 days to run the tests from when the last comment by rick was made on the proactive website stating they are confident of production out of ismay and barker creek.

Even though the results could have been recorded quickly, we don’t know how long it took to set everything up and start testing but we can assume by around 5am Monday est they would have finished drilling. They also might have taken 2-3 days of tests before the director is given some test results even before finished all the testing. After ricks latest comments on proactive website, reading the mdt testing what can be found out from them maybe he now has some basic idea from those results to make those comments on Friday afternoon since those 2 formations did flow test so they also have that to offer support in that statement.

The accuracy of what the mdt tests can achieve will be a big improvement to dst tests and will be able to have a more accurate estimate of the best gas producing areas from the gas shows recorded so far. This means when they do provide the details to the market shareholders might be told of how much is net gas pay and porosity and permeability from those zones.

Below are several websites on the mdt testing.

http://books.google.com.au/books?id...&oi=book_result&ct=result&resnum=10#PPA171,M1

From page 171 on the link above explains the most about the mdt tool and what is capable of providing to the people running the tests.

http://www.ogbus.ru/eng/authors/Dmour/Dmour_1.pdf

This website shows how the mdt tests can actually help productive rates in tight sands which is where less than 1md is found in gas bearing zones.

http://www.wipo.int/pctdb/en/wo.jsp?WO=2006/117604&IA=WO2006/117604&DISPLAY=DESC

The link above gives a run down of the mdt tester and what it can find similar to the first one but both have different info in parts.

http://www.earth.rochester.edu/issep/large.html

This link is just to give some answers to questions about the mdt tool. Might be helpful.

http://www.slb.com/content/services/evaluation/reservoir/mdt_single.asp

The last link above is the schlumberger website.

What is said on this page is the operator running the test can estimate recoverable reserves accurately with the high quality samples taken.


Some points that I found from some of those links are

They can get a direct measurement of fluid properties.
The original composition analysed compared to when measured at surface.
Fluids obtained can help determine production procedures.
The tests react quickly and accurately to pressure and temperature and reduce well site time.
Accurately measure resovoir fluid
Point by point pressure tests.
Provide demarcation of gas, oil, water contacts.
Pressure surveys can offer a understanding of how fluids are moving in a resovoir.
They can provide the permeability.
They can provide the porosity.
Can identify presence of hydrocarbons.
Can determine of flow line resistivity.
MDT pressure gauges exhibit improved dynamic response with no compromise in accuracy.
Precise flowline control ensures monophasic flow.
A number of different zones can be tested in one trip.
Fluid sampling is to obtain a representative sample of virgin resovoir fluid.
Storage stabalised 5 orders of magnitude which is smaller then a dst so more accurate.

Thought this might be helpful to some.

Some might call this post ramping, but i have provided all the websites the information came from and also seen the latest update of the report to oil and gas utah too.

MDT is considered more accurate to a dst which is demonstrated in one of the links, it is also used in place of a dst and can get mini flow rate results before completion of the well which is also mentioned in the above links.

 

[sharemadder]

NT

One very well put together post that I hope will suffice for Agentm and Pilots, neither of who I think you will ever get to flip to the bright side

The information about the MDT tool was excellent even though I have already read much about it bit revisiting it only boosts my confidence in Rick de Boer's abilities and skill in providing sound leadership this time around for GDN.

I hope we get some information, even a brief summary of what they have found from the upper zones.

If fast tracking RPS to have a look at the data and provide some techincal information as feedback as well I hope we see that too.

Cheers

 

[pilots]

New Trader has coved the sales brochure on the Mdt tool very well, how ever in real life it not that simple, first it is run on a wire line, when you get to the zone you have to test the tool must push a foot out from the side of the tool, this pushes the tool hard up against the other side of the hole, you then open up the port, on the side hard against the wall, and this will let in some fluid, you can take the samples back to surface at the end of test, the test WON'T tell you how much gas/oil you have in the hole, this can only be done with a flow test.
Now the down side, 50% of the time when you run this test the foot you have used to push the tool against the wall with gets stuck in the wall, we then pull up, slack off, pull up ,slack off, for 1/2 hours, if the tool won't come free we have a weak link on top of the tool and we release the tool from the wire line, you then make up the fishing tool to run in the hole and retrieve the MDT.(time and money) If you don't stick it you get the O rings leak MOST of the time, this gives you the wrong results.
DST has the same risk. they have a packer above and below the DST they all so can get stuck in the formation, you can spend days getting them out of the hole.
Now Rick is telling you the zones on the second well are not quite the same as the first, this is the trouble around this neck of the woods, the formation is fracked badly and all Gas/Oil has migrated, you have to find the traps it is under.
Some thing that was said to me this week by a American who is in the drilling game VERY close to GDNs lease, that when woodside brings on its new Gas field, the yanks will be able to buy LPG cheaper from us than they can produce it them self.

 

[Wysiwyg]

I`m sure the equipment and experience in the U.S. at P.B.2 is completely different from ones own. There is one thing knowing what the GDN company is doing and another that of our own experiences.





.

 

[pilots]

Schlumbergers equipment is the same the world over, no matter what country you are drilling in, the drilling of a well won't change.

 

[Agentm]

Re: GD - Golden State Resources

Who is the ramp master pilots?

I haven't been following this thread that closely, but's looking very ADI ish.

kennas, thats very a unusual thing to say imho

ADI has no capital issues, GDN has just enough to finish off the drill, post that it will be flat broke. it needs a lot of things to go right for it from this point on to be a success. this well has to not show any signs of being sub economic, which give n the current gas prices is going to mean a monster well is needed..

The play GDN is drilling into is regionally a different play entirely to the one adi is involved in. Delta petroleum has done extensive drilling in the region, has put in a lot of infrastructure and tested a lot of wells in the paradox basin, as one of the most experienced drillers in UTAH, they have completely walked away from the play. as pilots mentions, they have not found the economic model to suit the heavily faulted region and the inconsistent findings on the many wells they have drilled

ADI has 6 mill in the bank (once yemen cash comes in) and sits on a genuine stratographic play, which is heavily backed by players like conocophillips who see it as part of their future, and petrohawk who will spend $1 billion this year in the play. apart from apache and swift and anadarko and plenty of others like pioneer who speak highly of the play.

Petrohawk calls Eagle Ford a top shale play

By OGJ editors
HOUSTON, Apr. 21 -- Formation characteristics from two of its first five wells indicate that the Cretaceous Eagle Ford shale in LaSalle and McMullen counties of South Texas "is one of the highest quality shale reservoirs discovered in the US," said Petrohawk Energy Corp., Houston.

Petrohawk raised its internally estimated ultimate recovery assumption for wells in the play to a midpoint of 5.5 bcfe/well, with a range of 4-7 bcfe/well, based on gas in place data derived from the core analysis from the two wells and performance of wells completed to date.

the difference in the eagleford play to the play that gdn are following is primarily in the condensate. the attraction by the major players to the eagleford is solely due to the incredible condensate return from all the wells regionally, but where adi sits the wells produce staggering condensate rates, some 250+ bopd per 1mmcfpd.. thats where the money is, the oil price at $50 still makes the exploration into shale almost economic, but at $3 gas,, the price needs to raise 100% for there to baseline economics on the better and best producing top end shale gas regions.. shale or otherwise

imho the delta announcement last month about the paradox basin is worth while contemplating.

kennas, i think a critical thing to consider in the high risk high reward oil explorers is what the future is post the discovery, what are the economics..

what i wonder with the gdn share is whether the economics will be there, can the modeling support the exploration? we see adi and their partners struggling with cash in a highly prospective region in texas, even with high condensate rates and extremely long well life projection and minimal declines..

gdn is a very oversold share, a major talking point on hc and if you discuss the company and its project here you certainly get a thumping for it.. on the adi thread i post regional information for the investors and my own interest. although adi and its jvp partners have not achieved sp value, and there is no value in any way for the acreages despite production from the formation, it does not mean there is no value there in the acreages for the jvp partners in the future, its apparent from the recent AZZ farmout of their acreages to petrohawk, that these acreages are highly sought after.

adi remains below cash value, gdn is obviously valued way above it. its cash value, so where you want to risk your capital in an oil explorer, and at what point during its exploration all become major things to contemplate, as well as how you see the future of the share..

imho if gdn can attract this much excitement, and get such high values and spikes in their sp, its very possible that other small cap oil explorers will also become attractive to the high risk taking investors, there is strong evidence of plenty of high risk reward investors coming back into the market when you see the activity in GDN

i hope the gdn investors get huge rewards for their investment, the last thing the oil sector needs is to see small caps being blown out of the water one after the other.. but its a tough time out there for the sector thats for sure.. i think that on this thread people like new trader are extremely valuable, with the availability of lots of information and the ability for him to answer questions, people like sharemadder and datz tend to think of any discussions on the region or the play to economics as a threat, which is a pity as i think they may have great regional knowledge to share and good insights to share if they could discuss the share and not the man....

hope the next stage of paradox really gets the well into a good formation.. the punters need it imho..

 

[new_trader1984]

hi agentm, just your comment about delta, They haven't walked away just yet just not going to spend as much in the paradox basin for now while they have better projects to work on. They still plan to test other intervals of the wells they have drilled.

They didnt start to have a big interest in greentown until gdn drilled the first well and then they started to apply for a lot of permits soon after. They had trouble with the casing as they made comments about pressure was too strong for the casings they had used and needed a different design i think was mentioned in their reports.

I think delta is waiting to find out results of other drillers in the area before they start spending more money in the area while they have other opportunities on offer to them.

Mdu resources is producing at small rates near by too and have picked up a large amount of land in greentown too recently, its hard to get much details from them as only 1 report isnt confidential on the oil gas website, even all their new permits are confidential now. Im not sure of their track record but they seem to have a lot of reserves and production from the rocky mountains area.

 

[bigdog]

ASX ANN today

GDN $0.155 +$0.010 +6.90% high of $0.155 5,900,731 shares $902,017 @ 04-May 11:09:47 AM

04-05-2009 10:05 AM GDN Paradox Basin No 2 update
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00949917

Wireline logs indicate 73’ of likely gas bearing fractured formation in shows 1, 3 and 4. Shows 5 to 10 are pending further logging runs.

Preliminary interpretation of the wireline logs indicates:

• Show 1 (originally 4’) is likely to extend 21’ from 10,109’ to 10,130’
• Show 2 does not contain significant gas.
• Shows 3 and 4 (originally 37’) associate with a single gas bearing zone in fractured formation extending over 52’ from 10,344’ to 10,396’.

Production tests are planned for Zones 1, 3 & 4 as they appear to represent commercial gas.

Paradox Basin #2 is currently being logged, following additional reaming to assist passing the logging tools below 10,952’. This will allow the full petrophysical evaluation of all shows.

MDT pressure will be run as the final logging suite

Drilling is expected to resume this week on completion of logging and setting 7” casing.

First target expected when drilling recommences is the Lower Barker Creek Formation, which is expected within 300’. Deeper targets include the Alkali Gulch, Pinkerton Trail and Leadville Limestone.

 

[WRONG'UN]

Hi guys
This has been a really interesting thread which has helped to get things into perspective - thanks in particular to Agentm, Pilots and New Trader for putting the time in.
A while ago GDN presented the RPS estimates of the potential gas reserves in the field. The probabilistically based estimates are as follows:
P90: 27.3 Bscf
P50: 118.6 Bscf
P10: 418.4 Bscf

Combining these gives an overall expectancy of:
(27.3 x 0.9 + 118.6 x 0.5 + 418.4 X 0.1 ) / ( 0.9 + 0.5 + 0.1 ) = 83.8 Bscf

Valuing at last Friday's price of $US3.55 / Mscf and an AUDUSD rate of 0.735 gives:

83.8 x 1,000,000 x 3.55 / 0.735 = $A405m = $A1.14 per share ( assuming 356m shares and ignoring any options )

Of course they have to find the gas, and there could be a lot more or less than the estimate, they have to extract it economically ....etc - a lot of unknowns, but clearly there is room for some sp appreciation if things go the right way.

 

[Agentm]

hi agentm, just your comment about delta, They haven't walked away just yet just not going to spend as much in the paradox basin for now while they have better projects to work on. They still plan to test other intervals of the wells they have drilled.

They didnt start to have a big interest in greentown until gdn drilled the first well and then they started to apply for a lot of permits soon after. They had trouble with the casing as they made comments about pressure was too strong for the casings they had used and needed a different design i think was mentioned in their reports.

I think delta is waiting to find out results of other drillers in the area before they start spending more money in the area while they have other opportunities on offer to them.

Mdu resources is producing at small rates near by too and have picked up a large amount of land in greentown too recently, its hard to get much details from them as only 1 report isnt confidential on the oil gas website, even all their new permits are confidential now. Im not sure of their track record but they seem to have a lot of reserves and production from the rocky mountains area.

hi new trader

http://seekingalpha.com/article/104...-earnings-call-transcript?source=bnet&page=-1

Roger Parker

Thank you, Broc. Good morning and thank you for joining us for our third quarter conference call. As you have heard from many companies, especially energy companies, the significant and rapid decline in oil and gas prices have caused us to act in an expeditious manner to be fiscally responsible, and to ensure that Delta Petroleum is prudently situated to weather the current environment in the financial markets.

With revenue streams cut in half over a 60 day period and credit markets being all but closed, immediate and definitive action was necessary and important. This has obviously had an impact on drilling activity, in all but our lowest risk and predictable areas, which are basically located in the Piceance Basin.

It is not a reflection of the potential of areas like the Paradox Basin; rather, it is an acknowledgement that this company will do everything possible to maintain adequate liquidity and to evidence real value of assets for our shareholders.


also later on

Operator

Our next question is from John Freeman of Raymond James. Please go ahead.

John Freeman - Raymond James

I am just trying to go back a little bit in time again on the Paradox Basin. Just trying to see maybe what kind of thought process, how it's changed from the start. Earlier in the year, the vertical wells, the biggest issue was that the decline was a just a lot steeper than you all anticipated to my understanding.

It was just mentioned a second ago, is that, once the water treatment shelf started doing the fresh water treatments, the declines are much better. So you kind of figured it out, that part of the decline curve and it looked like at least that on a vertical basis these wells were going to work, and then we ended up going to the horizontals, and obviously have had some completion issues.

I am just trying to walk through maybe when we were originally looking at this probably earlier in the year. What's changed between now and… then and now?

Roger Parker

Go ahead John.

John Wallace

Well probably start from me and then let Carl talk for a second (inaudible). But John I mean you are very astute in the fact that our ability now to frac and get further away from the well bore in a vertical world makes the vertical drilling much more appealing.

I will tell you though, if you look at this part of the world, the only known sustainable production is from the Cane Creek interval to southwest of our… southeast of our production.

We are not developing the Cane Creek horizontally here. We had an issue with the bottom seal. But now with the ability to frac long distances in the well bore and the fact that the pipe is proving to be collapse resistant. We really feel that we can target this in a multiple zone completion mentality not too dissimilar than all the other places that we chase.

It's an evolution of technology. It is not an abandonment of one to the other. Carl and his group, and you can walk through some of the frac designs you've done. But it's really an increase in the ability and the effectiveness of the fracs that allow us to believe that we can do this vertically.

Roger Parker

I think it's a case of comfort. I think the other thing as John alluded to, one of the things that drove us towards the horizontal in the first place was that value capture from the Cane Creek interval which was the prototype in the Basin. As we went through the process in our Cane Creek, we had a problem with the bottom seal and didn't see it.

So with that said; we are finding the vertical completions in intervals other than the Cane Creek, it seem to work just fine and we are quite happy with them. So we will continue to exploit that.

 

[DAZT49]

All them words!!
I am jus a simple country folk an them hi falutin words jis confuse lil ol me.
I jus wan them geeeeolojist fellas ta yell "LOOKOUT!! they is a
tarnation o GAS a comin outa thet hole in the groun"!!!!!!!

 

[pilots]

One thing I over looked was we only ran a MDT at the end of the well, this way we would not have to run casing if it was a duster, this section of well must be cased, so they could have tested it at the end of the well.
It looks very much like to me that some one is DESPERATE to get the SP up b4 the options expire. One thing you can be sure is that it they find a butterfly fart or a half a thimble full of Oil in the test they will tell us fast, if they have said nothing about the test at the end of running casing you will know they have NOTHING as yet. This is a day traders dream thanks to HC.

 

[DAZT49]

Another good ann today.
Just keeping us in the know.
They cerainly cannot be accused of not being transparent.
It is taking a while for burnt punters to realise this is the real deal this time.

 

[DAZT49]

This chart shows that the last 16 days have been an accumulation period.
That accumulation started on the correction day on 8th April.
The SP didnt open and close outside the support resistance lines tho it did match on April 28th.
there was a small "downtrend" from 20th -28th April, maybe a pennant?
(A pennent would indicate a continuation of the prior trend..up.)
We have a local low at point 1 and an intermediate high at point 2, according to Joe Ross's "Law of Charts" we need to have another intermediate low to be in tune with a "1,2,3, Low' situation.
However..(am I boring you??) we seem to have a small double bottom (resistance)forming (yesterday and today) so this could bounce away from the 2b.
I am looking for a take out of position 2 (16c) then an open and close above that price.
It all reflects what we know...we are all waiting and 'topping up"(accumulating).
The bears where jumping off in the small downtrend(yes you can short GDN as a CFD trade)
News will see the take out of 16c and hopefully the prior tend will continue.
Sorry...its a boring afternoon lol

 

[sharemadder]

Pilots

Today GDN reported reservoir pressure of 3661 PSI ( 25241 KPA) in zone 10 from the MDT test. Is that very high in gas terms for onshore and can you share what GDN could expect from that?

Results from MDT test should be in for a tomorrow ann. which may explain better.