Golden Gate Petroleum Ltd (ASX:GGP) (“Golden Gate” or the “Company”) is pleased to advise that a reserve study and valuation of Golden Gate’s projects has been initiated. The preliminary results of the study are expected to be made available in the 4th Quarter of calendar 2012. It is anticipated that the study will result in the identification of oil and gas reserves in the Proved, Probable and Possible categories as well as contingent resource volumes.
The reserves and resources study and report are being conducted by MHA Petroleum Consultants LLC (MHA). MHA has extensive experience preparing reserves certification and valuation reports for companies listed on the ASX. Besides routinely preparing reserves statements and reports to the ASX listed oil and gas companies, MHA has also recently provided Independent Expert Reports to some of the leading Australian Oil and Gas Companies.
The six projects under review by MHA include the Permian Project, Bowtie West, Eagle Ford, Acadia, Goliad and North Edna. All of these projects either have current production, recent discoveries or have production from offset wells in the interval and structures being evaluated. The Permian Project study will focus on the existing vertical wells and the acreage where the Company has all rights to all depths and vertical well development may be more desirable. A more comprehensive study of the acreage where we have the Wolfcamp, Cline and Strawn intervals will be conducted once several horizontal wells have been drilled, completed and a production history established.
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