Announcement out. Was up 70% in UK last week. Looks good announcement. What are peoples thoughts??
The analysis of the logs and samples is ongoing however initial results have indicated that about 56.4 metres pay intervals have been encountered. In particular, around 30.8 metres of the 56.4 metres have exhibited relative high porosity measurements which indicate that these zones could have the potential to flow gas at commercial rates. Both wells are located within approximately 10 kilometres of a tie-in point on the recently commissioned Lin-Lin pipeline which supplies the growing demand in Shanxi Province where well head contracts have recently been struck in the US$ 6 - 7.5 per mscf range.
LRL Price at posting:
23.5¢ Sentiment: Buy Disclosure: Held