Golden Gate Petroleum Ltd (ASX:GGP) (“Golden Gate” or the “Company”) is pleased to provide an operational update on activities in our Permian Project, Texas, USA.
Permian Project, Reagan and Irion Counties, Texas, Operator 100% WI SRH #5H Well
The SRH #5H well, Golden Gate’s first horizontal well commenced drilling operations at 3.30pm, 5 November 2012 US Central time. The Western Drilling Rig No. 6 is currently drilling ahead. It will take approximately three (3) weeks to drill the horizontal well. The well plan calls for a full suite of electric logs to be run in order to assist with the planning process for the fracture stimulation program.
The horizontal interval to be drilled is the Wolfcamp A interval. We believe there are three and possibly four intervals which could be candidates for horizontal drilling over our leasehold position. Approximately 24 horizontal well locations have been identified for each interval. 72 to 92 horizontal wells in total could be drilled over the leasehold.
Based on other horizontal well estimates by major operators in the area, the SRH # 5H well could have an estimated ultimate resource potential of approximately 400,000 barrels of oil equivalent made up of primarily oil and gas liquids.
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