RE: Porph, Thanks for that but what do I feel there is a great chance of finding a significant reservoir(s). The structure(first drill) is anticlinal in nature and any oil would rise to the top of the seal that was confirmed in a previous news release. A petroleum system is present defined by some of the rock cuttings(news release) and the other large oil fields in the area(my opinion) There should be fractures throughout the rock, so even if there is limited primary porosity, a fracture network will flow oil. That's why I am excited about the shales too. There should be fracture networks within them, creating a Bakken Type Reservoir.
As far as timing goes, it's tough to say. Are they using a new drilling bit, or do they need to trip out for a new one? I feel they are likely at the casing/logging stage. They can't hide the loggers showing up to the drilling site. When scouts see a Haliburton or Schlumberger truck parked out front, they will call their friends and the price will run. This may explain the recent SP run on Friday and Today. Logging of the main target zone will not take place until after they drill the next section of hole. However, as they drill through the main target they could get oil spilling over the cuttings shaker(part of the mud system) and have a very strong indicator of a potential comercial reservoir. If that gets out first, the price could run hard.