Golden Gate Petroleum Ltd (ASX:GGP) (“Golden Gate” or the “Company”) is pleased to provide an update on the North Edna Project, Louisiana, USA.
North Edna Project, Walker # 1 Well, Jefferson Davis Parish, Louisiana, Non-Operator, 11.2% WI
The Walker # 1 well is preparing to spud within the next few days. The rig is on location and rigging up continues along with the delivery of surface casing.
The Walker # 1 well will be drilled to a projected total depth of 9,300 feet. Crown Drilling Rig # 2 has been contracted for drilling operations. The Walker #1 well is up dip to the discovery well, Richardson # 1 well, which was drilled in September 2010 and produced 5,400 bbls of oil before production ended due to high water volumes. The new bottom hole target is up dip from the Richardson # 1 well in the Vicksburg Herpin Sand.
In June 2012, the Company sold its 85% working interest in the project and received
US$120,000 in cash and an 11.2% working interest in the project plus a carried interest in this initial well to casing point.
The Vicksburg Herpin Sand is estimated to have a resource potential of approximately 2 million barrels of oil. Based on recent independent valuations the Company’s share of project revenue is estimated to be US$6.5 million.
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