14-52 (“Desiree”) Prospect, Hensarling # 1 well, Assumption Parish, Louisiana, Non- Operator, 3.99% WI
Golden Gate Petroleum Ltd (ASX:GGP) is pleased to provide the following update on the Hensarling #1 well.
The Hensarling #1 well, reached a TVD of 12,445 feet and ran electric logs over the Cris R IV and V sands, but was unable to locate commercial hydrocarbons. The operator will now plug off the bottom of the well and move to testing in the Cris R III and II sands (in that order).
Recently completed electric logging operations have confirmed net pay of 31 feet of pay in the Cris R II sands 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.
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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