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 Hensarling #1 well is drilling ahead at 12,340 feet.
The second primary objective, the Cris R III sand was intersected overnight and the mud logs indicate oil shows of approximately 40-50 feet of gross interval.
Electric logs will now be run to determine the commerciality of the shows in the Cris R II and III. If the electric logs indicate “pay”, casing will be set over the Cris R II and III prior to drilling ahead to the secondary objectives, the Cris R IV and V.
The first objective, Cris R II sand, was intersected on 18 November 2012 and the mud logs indicated oil shows of approximately 60–70 feet of gross interval.
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 12,550 feet. 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.
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