Well, I'm personally starting to think and believe that some VERY LARGE blocks of GGR shares now lay in foreign (Indian) control. Whether this will ultimately prove to be good or bad, I 'm still a bit undecided. But the reality right now appears to be that this sure is one tough stock to own or wrangle with... or to be short, considering that the sword swings and cuts both ways. Overseas rumors/events/facts, regardless of whether they are founded in half truths or fiction, (...which if we're lucky, we only belatedly hear short quips, bits, and/or pieces of...) are appearing to have both a profound and pronounced effect on the pps. As quickly and as easily as any of these "take it down," the chance of a subsequent "update" (even if it's not appropriate to call it that) moving it hard (and far) in the opposite direction is likely (though the timing of it seems anything but, predictable.)
In other words, I think at this point it's largely being "moved" from overseas, by those closest and most knowledgeable to the project... even if they don't have the best or most correct information. Maybe all they probably really need, is the confidence to know that nobody else (of significance) has any better or more accurate information than they do.
If in fact, they have only in the last day or so perf'd zone 2b... and the "real meat and potatoes" of KG-8 are in zone 3 (to be perf'd and tested the week after next?)... then MAYBE they have yet another week to jack around with it. But as soon as they "hit pay dirt" (which they're VERY confident they will, or I think this would ALREADY be under 5...), this crazy freaking move down is going to end as abruptly as it started (with the Jeffries report.)
Don't know when... but I'm still thinkin' there's a reasonably good chance of a day coming in the not too distant future when GGR opens UP 2 (NOT "initiated" by American/Canadian buying) ... and then continue to move sharply higher as those "left in the dust" finally start to "figure it out."
So, get out, or get in. Then, buckle up. Make a decision and stick with it. Because if all this is true, how likely is it that you're going to beat them at "their game"? If this stock were likened to a bull, it'd have to be the one called "Bodacious." Seems it'll hurt you if it can, just because it can. You've got to finish the ride to make the really BIG score.
<one tough stock to wrangle with.>
<another week to jack it around.>
<a bull named "bodacious".
Great post meknowalittle.
Bought back 10,300 today @avg$7.82
Going after the the other half of my position early next week.
Time is running out.
GGR is starting to rumble like a volcano getting ready to blow.
Best Regards, Bambusario
That is my understanding of the progress of testing of KG17. The perforation/testing of zone 2b is currently taking place (it started late yesterday) and that it covers a significant upper portion of the second zone. I agree, if they find gas in this second zone, it will be a bonus to what was found in KG#8 because it is a different strata than the KG#8 discovery.
The third zone, which is in the same strata as the KG#8 discovery has not taken place yet. The testing of the third zone must await completion of the testing of the second zone. The testing of zone 3 is what most investors are waiting for because it will assist in delineating the extent of the KG#8 discovery.
The 10K was filed and confirms that the next hole will be drilled from the same platform. The next hole will also assist in delineating the extent of the KG#8 discovery. Here is an excerpt from that filing:
"As of April 11, 2006, the operator has drilled four exploratory wells with the Saipem Perro Negro 3 drilling rig. The KG#1 and KG#11 have been abandoned. The KG#8 well was drilled to a depth of 5,061 meters and on June 28, 2005 we announced a natural gas discovery. GSPC had successfully tested 10 meters of perforations across the interval from 4,747.5 to 4,777 meters resulted in a stabilized flow rate in excess of 10 Million standard cubic feet per day (MMSCFD) of gas at a wellhead flowing pressure of 4,500 psi. The fourth well, the KG#17 well, has been drilled from the KG#8 platform directionally to a location 1.81 kilometers to the northeast of the KG#8 discovery well. As at April 11, 2006, the KG#17 well has been drilled, logged and cased to a total depth of 5,601 meters (5,223 meters total vertical depth) and as of that date was being tested.
Upon completion of the KG#17 testing program, a third well, the fifth well in the KG Block, will commence drilling from the KG#8 platform location."
The reason they must sequence the testing from the bottom up is because the perfor the lower zones first is just in case the perforating damages the well casing and interferes with the complex testing equipment. It also permits the company to seal off the hole above lower zones so that there is no inteference of gas from the lower zones.
There is no doubt that gas was discovered in KG#8. There have been photographs of the Perro Negro 3 showing the significant gas last summer. You can see such a photo at page 11:
The extent of that discovery is not known which why they are drilling KG#17 and why they need to test zone 3. Assuming the hole is on par with KG#8, then the well will eventually be used as a production well.
As the annual reports states, the next hole will also be drilled from the same platform. It too will test the extent of the discovery at KG#8.
The gas has been there for millions of years and it will be there until it is taken out by GSPC/GGR. It hasn't disappeared in the last few months.
Whatever may exist in zones 1 or 2 has no bearing on what exists in KG#8 or in zone 3 of KG#17. After all, there is more than 1/2 km of solid rock between zones 1 & 2 and zone 3.
<< Rumors about a dispute over the extent of the actual pay zone are making waves. >>
Any more details on this, BS572? "Dispute" between who -- GGR & GSPC; GGR/GSPC & testing engineers; GGR/GSPC & DGH? "Extent" meaning thickness, geographic spread, or crossing block boundaries? TIA.