RE: we are up and running Thanks fordie and davie :-)
New info is that the sidetrack will be kicked off the existing casing at 1585m so they're leaving the top of the formation at 1711m. According to the original plan they should now be drilling to ~2200m or deeper which is the bottom of the Green Point formation. SPE's Nov 22, 2010 release mentions the original farm-in agreement and also states this about the new well...
The new 2200 meter well (designated 3K-39), is a follow-up to the 2008 discovery, of an approximately 500m thick oil-bearing section in the Green Point shale formation.
1711m is what they believe to be the top of a thick oil-bearing and now they're drilling to the bottom of that section. The difference is 500m so with the preceeding information and access to SPE's May 31, 2011 SEPAC presentation I put together a little drawing to show what they are likely doing next...
The side-track will be directed straight down into the heart of the targetted area.
I now firmly believe that they stopped at 1745m last year and did a full flow test at that point but kept the results under wraps. Then they plugged the hole at the bottom of the casing that they ran to 1711m and have been getting their ducks line up in a row ever since.
They managed to bring in an additional $7M+ in private placements since they wrapped up operations last year and are on track own the rights to the entire area.
Today's news release was anticipated but the information in it tells us a little more about what is going on.
GLTA