Golden Gate Petroleum Limited (“GGP”) (ASX:GGP) is pleased to provide the market an update on the Permian Project in Texas, USA.
Key Points
- Funding now complete for the current Permian Project work plan.
- The #5H well will undergo frac’ing at the end of this month with preliminary work starting this week.
- The #1 and #2 wells will be put on production from the Wolfcamp/Cline intervals within the next two weeks. There will be a production test period of these intervals before fracing the Spraberry Dean intervals. This approach will provide production data important for the continued development of vertical wells especially in the Cline interval.
- A request to extend the key leases for 90 days has been proposed under our current leases.
- Surveying work on the #7 and #8 vertical wells along with a horizontal well has already begun. Drilling the vertical wells is planned for May/June.
Funding
Funding for the Permian Project’s current work plan has now been secured with the completion of the A$ 3.2 million Entitlement offer and the A$7.5 million facility provided by The Australian Special Opportunity Fund, LP, a New York-based institutional investor, managed by The Lind Partners, LLC. These funds will be primarily used for the Permian Project.
For further information please download PDF below:
