Golden Gate Petroleum Ltd (ASX:GGP) (“Golden Gate” or the “Company”) is pleased to provide a project 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, has been successfully drilled, cased and being readied for hydraulic fracturing over the Upper Wolfcamp horizontal interval. Halliburton has been scheduled to frac the SRH #5H in February 2013 after the completion of the current partially underwritten Entitlement Offer and sufficient funds are available for the planned program.
New Well Permitting
Preparations are underway for drilling the 6th well in the Permian project. Surveying of several sites for both vertical and horizontal wells is underway. The next well to be drilled is expected to commence drilling operations in March 2013. A decision on whether to drill a horizontal or vertical well next will be determined based on the results of the #5H well’s initial production and other factors involving the current permitting process and legal issues.
SRH #1 & #2 Well
We are currently in the process of preparing to set capillaries on both the SRH #1 & #2 wells so the isolated Cline interval can be put on production and comingled with the Wolfcamp intervals which have already been frac’d. The addition of chemicals to the bottom hole Cline interval is designed to avoid paraffin falling out of the oil while being produced.
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