GREY:MGMCF - Post by User
Post by
Dringwinzeeon Feb 11, 2011 12:12am
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Post# 18114209
MGX Spudded n expected to TD by Feb 28
MGX Spudded n expected to TD by Feb 28MGX has spudded and they believe the drill will get down to the 1500 meter TD depth in short order.
They used their seismic data to determine this depth and are looking for oil in the Devonian formation.
The hole is considered tight although their is a film crew on site shooting the Ice Drillers Program.
MGX is the operator, Devon is the other partner so we will need to watch both MGX and Devon's websites to gather information on progress at the drill site.
Any news coming out on this drill program should be good for MGX shareholders but how high will it go? it all depends on whether they connect oil and how much oil....the Enbridge pipeline is approximately 3 Km from the drill hole so it would not take much to tie into the line at a later date if there was enough oil to justify this....but this is a wildcatter so anything could happen....it could come up dry or be a gusher or possibly a small marginal field.
We shall find out in March, 2011.
Stay tuned and keep a finger on the sell button when a good NR comes out.