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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture -- Ignore unavailable to you. Want to Upgrade?

To: CONTANGO who wrote (5947)	10/21/1999 10:38:00 AM
From: Salt'n'Peppa	Read Replies (2) \| Respond to of 15703

Contango, <<< ...take a deep breath or a capital gain...>>> Excellent advice. Few long time lurkers will be losing at today's prices. We are holding beautifully through these wild "mood swings" in the broader markets. If it makes anyone feel better, I loaded the boat dangerously full on Monday. I am NOT selling yet. I talked with one of the people that went on the trip to Bakersfield. He said that they are just drilling away, below 14,600 feet. They are going slowly, but such is the nature of deep drilling - especially if you consider that they have added drag from heavily weighted drilling mud and that they are using a larger diameter drill bit than they used in ELH at the Temblor. Everyone must remember that this is a wildcat well. Nobody has drilled into the Temblor in this structure before. It is uncharted territory. Seismic, VSPs and offset well data all provide useful information, but the first well has to be drilled before anyone knows for sure what is there. From a geological viewpoint, this is why the debate about where we are exists. What do you define as the "top of the Temblor"? The "Temblor Sand" is actually a sand within the Devilwater, that is above the Temblor Group. Confused??? Join the club! As Contango said, it doesn't matter what we label the rock we are currently in. We WILL hit porosity sometime and we HOPE that it contains natural gas. In spite of what ogod says, seeing gas signs at this depth is very encouraging. It proves that we have source rock at depth at Cal Canal. This is one of the essential ingredients for a discovery. Austin Powers, here is your "frickin' bone". I was told that yesterday they drilled through a 12 foot sand. Penetration rate went from 3 ft/hr to 12 ft/hr and the ensuing gas kick almost required them to flare. Too bad it was an "almost" (not enough porosity & perm), but again it is encouraging. Check out IBM. Down over 20% this morning. There is a herd mentality panic sell for you. They met their targets and nothing has changed for them. It is being blamed on Y2K concerns..yeah right! Happy trading. S&P