Golden Gate is a focused petroleum exploration and production company with an exploration portfolio in the Gulf of Mexico and the Permian Basin containing world-class prospects.

Corporate Profile
*Built a substantial Operating capability on the Texas/Louisianna Gulf Coast.
*Production is presently coming from both Padre Island, Texas and the Bullseye Project in Lousianna.  Fausse Point is presently been completed.
*Drilled and placed on production Jumonville #1 in Sept 08. GGP has a 42.25% working interest.
*Drilled and placed on production Jumonville #2 on 30 June 2009. GGP has a 42.25% working interest.

Golden Gate Petroleum (ASX:GGP)

Company Directors

Mr Chris Ritchie (CFO, Investor Relations)
Mr Frank Brophy (Non Exec. Director)
Mr Frank Petruzzelli (Non Exec. Director)
Mr Stephen Graves (Executive Chairman, Managing Director)

Contact Information

Phone: +61 3 9349 1488
Email: info@ggpl.com.au
Website: http://www.ggpl.com.au
Address
566 Elizabeth Street, MELBOURNE, VIC, Australia, 3000

Media Releases see all media releases

Golden Gate Petroleum Ltd, Activities Report for Quarter Ended 31 March 2012
30 Apr,2012 03:32 PM

Highlights

Eagle Ford Shale Development
- Company entered into a participation agreement for a 10% working interest in a 40+ horizontal development well project in the Eagle Ford Trend.

The initial well is expected to spud in early May 2012.

Bowtie West Project
- Sugar Valley #1 well spudded on 23 March 2012 and has currently reached a TD of 11,510 feet.

Permian Basin Project
- Initial 4 wells have been drilled and undergone initial fracture stimulation according to their individual programs. Testing has indicated that there may be potential of three intervals for horizontal well development, two more than expected. Besides two Wolfcamp intervals, a lower interval often referred to as the Cline shale has shown encouraging results. This may lead to this interval being a candidate for its own horizontal drilling program.

Corporate
- During the quarter the Company raised a total of AU$6.91 million.
- Cash balance as at 31 March 2012 was AU$ 2.4 million.

During the quarter the Company’s estimated gross share of production was 9,233 barrels of oil and 23.9 million cubic feet of gas. At current oil and gas prices net revenue to the Company is estimated at USD 270,000 per month.


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