Golden Gate Petroleum Limited (“GGP”) (ASX: GGP) is pleased to provide the market with an update on the #6 Well which is part of GGP’s Permian Project in
Texas, USA.
#6 Well
The #6 well commenced drilling operations at 5:30 pm, CST (Central Standard Time), 8 June 2013. 8 5/8” surface casing has been successfully set at 575 ft and cemented with full returns. The well is currently drilling ahead at 624 ft.
This vertical well will be drilled to a depth of 9,300 ft., penetrating all formations down to the Strawn interval. The well is expected to take approximately 10 days to drill and complete and then fracture stimulation of the Sprayberry/Dean and Wolfcamp intervals will be considered based on log analysis from the well and production history from GGP’s four other vertical SRH wells. We will also examine the potential for horizontal development of the shallower Clearfork interval.
The #6 well is the sixth well to be drilled by GGP in the Permian Project and is located on the same lease as the previous four vertical wells, where we have all rights to all formations down to the Strawn interval. Drilling the #6 well meets our drilling obligations under the continuous drilling requirement for this lease.
This lease contains 5 million barrels of 1P and 2P reserves which we have booked from the Sprayberry/Dean intervals. Currently no reserves are booked for the Wolfcamp, but with the production history from the vertical wells and the #6, plus the #5 horizontal well, we hope to be able to re-examine, and upgrade our reserve position.
For and on behalf of the board
Steve Graves
Executive Chairman
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