Golden Gate Petroleum Limited (ASX:GGP) (“Golden Gate” or the “Company”) provides the following production and drilling update from the Company’s projects for the two week period, 1st to 15th October, 2012. A similar report will be provided every two weeks.
Production Report
Notes:
(1) The period is from 1st to 15th October 2012.
(2) The SRH #3 and #4 wells have been on and off production for extended periods since completion in order to run various testing programs, to conduct new fracture stimulation, to isolate intervals and to change out production equipment. These figures are production volumes for oil, gas and gas liquids. Gas and gas liquids are sold as wet gas and priced accordingly. Approximately 80% of volumes are oil.
(3) These figures represent GGP’s 15% working interest share of oil and dry gas production.
Drilling and Completion Update
(1) Permian Project, Texas (GGP: Operator and 100% WI)
- SRH #1 Well: Shut in. Prepared for fracture stimulation in November 2012.
- SRH #2 Well: Preparing for fracture stimulation in November 2012.
- SRH #3 Well: Shut in to repair production tubing. Expected to come back on production 22 October 2012.
- SRH #5 Horizontal Well: Planned to spud by the end of October 2012, subject to rig availability.
(2) Cutlass Project, Texas (Eagle Ford Shale Development, Dimmit & LaSalle Counties)
- Cutlass West #A1 Well (GGP: 10% WI; Non-Operator): Plans for fracture stimulation by the end of October 2012. A gas pipeline is in planning stages.
- Cutlass East #A 1 Well (GGP: 10% WI: Non-Operator): Well has been completed and being evaluated for testing intervals below Eagle Ford Shale where oil and gas shows have been recorded.
(3) Bowtie West Project, Project (Matagorda County)
- Sugar Valley #1 Well (GGP: 12% WI; Non-Operator): Awaiting on short gas pipeline installation and tie in.
(4) Napoleonville Project, Louisiana (Assumption Parish)
- Napoleonville 14-52 Well (GGP: 3.99% WI; Non-Operator): Planned to spud in October 2012, subject to rig availability.
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