Golden Gate Petroleum Ltd (ASX:GGP) (“Golden Gate” or the “Company”) is pleased to provide a drilling update on our Permian Project, Texas, USA.
SRH #5H Well, Permian Project, Reagan and Irion Counties, Texas, Operator, 100% WI
The SRH #5H well, Golden Gate’s first horizontal well commenced drilling operations on 5 November 2012. The Western Drilling Rig No. 6 has reached a depth of 7,158 feet and is drilling ahead with building the curve for the horizontal section. Intermediate casing was set earlier to protect the well bore vertical sections that can be problematic. Overall, the well is moving ahead according to the initial well plan.
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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