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GGP - Golden Gate Petroleum

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Yep, I reckon you're on the money there Sam. Breaking $0.43 is very important I think so needs to hold above and maybe test it, although it's having a pretty good run. Might just keep smashing through...Sean
 

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Sorry about that guys, yes it's the logging equipment which is stuck, hope it all goes well.
 
Kindee ST 212, Padre Island Texas, Operator 37.5% WI
The Kindee ST 212 #1 well on the Plum Deep Structure was spudded on 1 August 2006 (Texas, USA).
The Board of Golden Gate Petroleum is pleased to advise that electric logging of the well has been successfully completed. Our preliminary interpretation of the logs has identified 4 zones which are potentially gas bearing and warrant further investigation. Collectively these zones span a gross interval of over 1,000 feet. As operator, Golden Gate is planning a comprehensive testing programme which it expects to recommend to the Joint Venture. This will be the subject of a future announcement once the programme has been approved by the Joint Venture. The programme will provide the additional information needed to determine the commerciality of each of these zones. Mr. Russotti remarked “The initial results from the electric logs are encouraging and the gross interval encountered is in line with our pre-drill estimates. The final outcome is of course dependent on the results of the testing programme.”


The pre drill estimates for this well were between 50BCF of Gas and 250BCF of Gas, where 50BCF of Gas would be worth around $70m AUD or 40c per share and 250BCF of Gas up to $2 per share

Will the SP rocket given the 1000ft Gas Interesection?
 
YOUNG_TRADER said:
The pre drill estimates for this well were between 50BCF of Gas and 250BCF of Gas, where 50BCF of Gas would be worth around $70m AUD or 40c per share and 250BCF of Gas up to $2 per share

Will the SP rocket given the 1000ft Gas Interesection?
Click to expand...
Not many orders put out there yet. Maybe market's still taking it in. Looks like a goer YT.
 
I know, contrast this to something like ADI or GDN where the Companies have created alot of froth and bubble over 25foot interesections from drilling,


And here we have GGP which has CONFIRMED OVER 1000FT OF GAS INTERSECTIONS FROM WIRE LINE LOGS

Peter Strachan of Stock Analysis refered to GGP's management as those who like to let the drill bit and testing do the talking as opposed to them and their equipment

Still mkt has to take notice of this 1000ft is amazing!

And to top it off they've got cashflows from existing successful wells and they have already moved the drill rig to test the next well which is

MANANZO which has pre-drill estimates of again between 50BCF and 250BCF of Gas

and the well after that is

Murdock which has pre-drill estimates of again between 25BCF and 125BCF of Gas

So plenty more high impact wells coming up!
 
Spoke to the brokers, they reckon 1000ft is amazing, but would need to know exact break up ie 4x 250ft zones and depth ie from 500-750 ft etc as well as actual background readings etc most of them hadn't seen ann and are now checking with analysts re potential etc
 
Hit 56c just then,

All time high was 58c so nearing a breakout!

Mkt starting to digest the implications of 1000ft of gas?
 
Looks like mkt doesn't believe the 1000ft intersection,


Well if its correct and the well does hold $2 per share in value, the question is how long until the company can prove it up,

I've been in contact with many brokers this morning trying to get a better handle on it,

So far 2 are unsure due to the fact that during drilling they only encountered a 25ft intersection n hence wrote the well off as a P&A but are now in a spin over log results,


1 reckons that its very positive (this ones pretty conservative usually as well) but says the key will be flow testing

Waiting to hear back from 2 others



Any other thoughts?
I would have thought a 1000ft intersection would have had quite a few posters putting up opinions etc but so far nothing
 
Agree YT, the 25 vs. 1000 ft results have me a little worried. may just have a little flutter on this one though.
cheers
 
No real follow up buying today, just sellers being slightly soaked up,


The key will be an update re this 1000ft gas intersection,

A more detailed update preferably, ie zones, readings, depth levels etc etc
 
Didn't fall too far back on Friday,

We need an update to keep momentum going, has anyone seen or read any articles on this? I would have thought that a possible 1000ft of gas warrants attention!
 
$0.50 ish is a bit of a barrier there. The sellers took control the past 2 days unfortunately. Would like to see it finish at a daily high....Not sure if that gap needs to be completely filled before it can head up....

I'm still a bit confused with the reports they've produced claiming the 1000ft of gas, in different zones. Doesn't add up to me. I'm obviously no gas man, or any sort of expert, but it's all Chinese to me.
 

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Hi Sean,

Not a Gas man hey? A bit of Srilankan/Indian Curry will fix that :

The key to the SP is their ann regarding this intersection, if it looks true blue then the SP will just rocket to $1+

But right now the mkt doesn't believe it and so isn't willing to pay up

Still someone paid 2c for those opies today that I picked up at 0.1 c hmmm 2000% appreciation
 
Our preliminary interpretation of the logs has identified 4 zones which are potentially gas bearing and warrant further investigation. Collectively these zones span a gross interval of over 1,000 feet. The three most attractive zones will be the focus of the testing programme initially. The deepest zone, spanning over 800 gross feet, will be accessed through a sidetrack wellbore, including the collection of conventional cores and sampling for fluids and pressures. The shallower two zones will be tested through a drillstem test.

It is expected that the both tests will be completed within the next 3 weeks. The results will be released to the market as they become available.

3 Weeks to wait to know whether its a $2 well or a P&A
 
I am amazed that the market has not pushed this one up with the ann today that they have an 800ft section to be tested deep in the well and another 2 sections further up the well. I think you will find that they are testing well over 1000ft altogether even though they have dropped one section. Not sure why the market doesnt like this but in my books this stock is very good value. Chances of plum deep being a PA is very low, chances of the well being highly commercial ...........read the info and decide for yourself.
These guys are totally understating the potential here. Remember plum deep was worth round $2.60 a share to ggp before the drill bit hit the ground, now they have 1000 odd ft to test and how much higher is the sp in what could be a big commercial find.....

CS
 
Hey Sham,

Good to know I'm not alone on this one,

All good things come to those who wait and 3 weeks isn't that long to wait

If its a success watch the day traders pile in and take this to the moon and that'll be our time to exit
 
Hi YT I think we will have some results before that 3 week time frame. The drill stem test will not take 3 weeks. I think you will find that the 800 odd feet of side track to test the deep zone is what will take the time. In my opinion expect the results for the upper zones much sooner. Even though the market still thinks this well is a dud I will be very surprised if that 800ft section doesn't flow. Risk here is about 15c downside from present sp on plum deep being PA. Upside we know it could be huge. If sugarloaf had this much zone to test the sp for adi would be multiples of the present.
DYOR but in my opinion this is really worth a look.

Sham
 
Hey YT at last I might have taken notice of one of your tips in time, this sounds great, I'll do some more research first of cause & it would have been nice to get in @ .20c but I think I'll be joining you for the big upside on this one.
Cheers!
 
Judging by todays sp the market has written this plum deep well of already. At 42.5c next to nothing is factored into the sp for a successful test program.
Only time will tell who is right with this one

Sham
 
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