230 million barrels of oilSET YOUR ALARMS WAKE UP MAY 2006
GLY looks like it is about to takeoff based on technicals!!!
From the charts it looks like the biggest move in GLY history. Remember folks, charts are very reliable! It is showing the following pattern:
A bullish chart pattern used in technical analysis that is easily recognizable by the distinct shape created by two trendlines. In an ascending triangle, one trendline is drawn horizontally at a level that has historically prevented the price from heading higher, while the second trendline connects a series of increasing troughs. Traders enter into long positions when the price of the asset breaks above the top resistance. The chart below is an example of an ascending triangle:
Here is the chart:
With the drilling of Canning basin australia about to commence, one can only speculate as to how high this can go. But one thing is for sure,
If they prove up their reserve(about 230 million bbl there, we are looking at up to a billion dollars worth of OIL. YES UP TO A BILLION DOLLARS!
GLY states"
The project, which includes interests in permits EP129, EP104, EP371, EP390, EP391, EP428, EP431 and EP436, has a total acreage of in excess of 34,000 square kilometres, with initial drilling program focused on the Boundary SE 1 and 1a, and the re-entry of the Pictor 1 and 2 wells.
The proposed Boundary development well is sited up dip from the Boundary 1 well in EP 129. Boundary 1 has produced 115,000 barrels of, 330 API oil from an intra-Grant sandstone bed at a depth of 1277-1281 metres. Seismic data indicates that the well was drilled on the north western edge of an anticline and that the crest of the structure is to the south east. A well drilled to the crest of the anticline has the potential to produce between 300,000-600,000 barrels of oil from the intra-Grant sandstone. There is also the potential to discover about 3,200,000 barrels of oil-in-place (600,000 barrels recoverable) in a deeper unit, the Anderson Formation.
Imagine, a potential billion dollar gold company for only 18 cents!
This could indeed become the next FALCON(FO) (went from 40 cents to close to $3.5 dollars). The key to gaining in these stocks is to buy them when they are low.
Invest in this undiscovered, ready-to-rocket OIL stocks and you could see your wealth grow 1,000% or more in
So there you have it, a OIL, GAS company with potential to produce between 2 million-230 million barrels of oil, and just trading .16 cents .
one has to believe that this is extremely undervalued and a steal at these prices!
Again, the symbol is GLY.V. DRILLING WILL START EARLY MAY 2006.
AGAIN ,DO YOUR OWN DD BEFORE BUYING OR SELLING.