Golden Gate Petroleum Ltd (ASX:GGP) (“Golden Gate” or the “Company”) is pleased to provide an 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, reached a total measured depth of 11,404 feet with a total vertical depth of 7,070 feet. A horizontal section of approximately 4,700 feet was completed. Based on our target range for the horizontal section being achieved and other factors including drilling rates and rig performance, it was elected to complete the well. 5 ½ inch casing was successfully set to bottom with a positive cement job test. The rig has been released and planning for hydraulic fracturing continues with the current well data.
The horizontal section is in the Upper Wolfcamp Interval which we refer to as the A Bench. The well activity versus plan was fully achieved and on schedule with actual costs running on projections.
The current plan is to prepare the well bore for hydraulic fracturing along with finalizing the frac program based on the recent well data. A frac crew and equipment are being scheduled and is expected to be on site in late January given current availability. Demand for fracture stimulation equipment in our area remains high and impacts timing of the frac completion work.
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