Golden Gate Petroleum Ltd (ASX:GGP) (“Golden Gate” or the “Company”) is pleased to
provide a drilling update on 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, is currently at 11,084 feet and is drilling the horizontal section in the Upper Wolfcamp Interval which we refer to as the A Bench. The well activity versus plan is on schedule and costs are running close to projections.
The current plan is to continue drilling the horizontal section. Once we have approximately 5,000 feet of horizontal displacement we will closely monitor well bore conditions, rates of penetration and other technical factors in determining the optimal measured depth.
Latest information based on nearby planned wells by other operators and technical recommendations have suggested that the best performance from a cost versus production standpoint is coming from wells with horizontal sections in the 4,500 feet to 6,000 feet range. While we have permitted the SRH #5H to 7,500 feet, our objective is to achieve the best overall results from both an operational and cost standpoint, both critical in unconventional development projects.
For further information please download PDF below:
