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 Properties# 1 Well, Jefferson Davis Parish, Louisiana, Non- Operator, 11.2% WI
The Walker Properties # 1 Well is currently at 7,351 feet and drilling ahead. The well is on schedule. Intermediate casing is planned to be set around 9,100 feet before the primary objective is drilled. The Herpin Sand objective has been determined from prior wells to be over pressured and requires pipe to be set before penetrating the interval.
The Walker Properties # 1 Well will be drilled to a projected total depth of 9,300 feet. The Walker 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. Recent independent valuations confirm the possibility of 2P and 3P Reserves with expected PV10 economics of approximately US$6.5 million for the Company’s share of the project.
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