Golden Gate Petroleum Limited (ASX:GGP) (“Golden Gate” or the “Company”) provides the following production and drilling update from the Company’s Projects for the two-week period, 16th to 30th June, 2013.
The SRH #1 & SRH #4 wells, and the SRH #2 & SRH #3 wells produce to separate tank batteries where the oil, water and gas are separated. When 2 or more wells are produced to a tank battery, the hydrocarbon production is comingled and therefore not attributable to any particular well. To better reflect actual production for each individual well, we have begun splitting the hydrocarbon production based on the number of frac stages completed for each of the wells. The SRH #1 & #2 wells only have frac stages in the Wolfcamp interval until sufficient funding is available to complete the frac stages in the Sprayberry Dean intervals.
The SRH #3 & #4 wells with completed fracs across all intervals are performing close to the decline curve for similar reported wells in our area. While both these wells were used as “test wells”, they have been successfully converted to producing wells and are achieving similar performance to other nearby wells.
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