Gastem update from Gastem IRTalked to David Vincent at Gastem and here is the latest update, generally good and encouraging news given the carnage in the market lately....
The drilling program in NY has been delayed because of the permitting. There
is no problem regarding the permitting but it's longer than we though. We
planned to start drilling in June but the kick off will be before the end of
July (long story short, we are one month late because of the permitting).
We still plan the Phase 2 drilling program before the end of this year. The
logging and coring results should be completed and released between those
two.
Forest Oil commenced drilling last week on our St-Louis well (should take 3
weeks) and they will drill at St-François in august. After Yamaska, Forest
will drill one well on the Junex's property and they will fract all three
horizontal well (2 Gastem and 1 Junex). All those activities should be done
by the end of September or beginning of October. Since Forest is the
operator on Yamaska they will decide when they will release the results, but
my guest would be fall 2008.
Regards,
David Vincent
Director, Investors Relation
Gastem