GLV 0.00% 2.0¢ global oil & gas limited

~ 6 week wait!

  1. 121 Posts.
    Fellow holders, speculators, hot copper junkies, and SOD,

    Just had another look at BKPs last Farm Out Partner announcement from the 7/4/2010, in particular the following:

    As part of the agreement, GBE has also agreed to:
    prepare a resource evaluation report on EP 127 and EP 128 within 4 months; and
    commence drilling of the first well on either EP 127 or EP 128 by no later than December 2010.

    This means we have should have about 6 weeks to wait for the resource evaluation!

    The Georgina Basin Project Update on the 15 December 2009, detailing the ISIS report, included the following:

    The report identifies three working petroleum systems and several play types across the permit areas and Isis concludes that there is good evidence of a working petroleum system in the area of permits EP 127 and EP 128. This is demonstrated by the existence of oil shows in a number of previous wells. As a result, Isis postulates that source is a relatively low risk in the permit areas.

    In the lead up to this we saw the share price spike to $0.009. With no resource estimates or foreseeable drilling the SP fell back down. But with the release of the resource evaluation report, plus the commencement of drilling of the first well by the end of the year, could we see another similar spike in the SP? DYOR but IMO we will see the SP break the $0.01 barrier with a favourable report.

    Perhaps BKP management will wait to see the results of CTPs Johnstone 1 well (EP 115, a 500 MMbbl UOIIP oil prospect) before publishing the resource report? If CTP establish this oil is present then BKPs prospects would certainly increase, not to mention interest from the punters who may see BKP as a potentially tasty investment.

    What are peoples thoughts?

    BWB
 
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