14-52 (“Desiree”) Prospect, Hensarling # 1 well, Assumption Parish, Louisiana, Non- Operator, 3.99% WI
Golden Gate Petroleum Ltd (ASX:GGP) is pleased to announce that the well has set intermediate casing at 3,000 feet and is drilling ahead at 3,850 feet.
The well is on target to reach TD in 38 days. The first primary objective, Cris R II is expected to be reached around the end of the month.
The Desiree prospect covers an area of 140 acres in Assumption Parish, Louisiana and is being operated by a large US oil and gas company. The operator is the same partner that is managing the Napoleonville salt dome project.
This well will be drilled to a total depth of 12,550ft. Total drilling costs are US$ 3.6 million. GGP’s share of drilling costs was funded in August. The primary objectives are the Cris R II and III intervals which, based on Grand Gulf Energy’s estimates, have the potential for 600,000 - 800,000 bbls of oil and secondary objectives in the Cris R IV and V intervals with 200,000 bbls oil and 15-30 BCF gas.
The well is up-dip and 270ft from the largest producer in the Napoleonville Field (2.3 MMBO – Cris R II & III) which was abandoned at low oil prices with split casing while still producing 100 bbls per day (collectively from Cris R II and III). If successful, the project offers long life reserves, with IP’s of 400-800 bbls per day.
This is a proven productive fault block with a strong water drive in the primary objectives. The prospect has a significant oil column and long life production potential and was generated from 3D seismic and subsurface support for up-dip attic structure.
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