Golden Gate Petroleum Ltd (ASX:GGP) is pleased to announce that the Hensarling #1 well is presently drilling ahead at 12,120 feet to the Cris R IV & V following the setting of intermediate casing to protect the pay logged in the Cris R II & III.
The Cris R IV & V have further potential of 200,000 barrels of oil and 15-30 BCF of gas.
Recently completed electric logging operations have confirmed net pay of 31 feet of pay in the Cris R II and 49 feet in the Cris R III sands.
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.
The well is up-dip and 270ft from the largest producer in the Napoleonville Field (2.3 MMBO – Cris R II & III) which was abandoned at low oil prices with split casing while still producing 100 bbls per day (collectively from Cris R II and III). If successful, the project offers long life reserves, with IP’s of 400-800 bbls per day.
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