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Grand Gulf Energy Limited (ASX:GGE) Thibodeaux 1 Drilling Update

THIBODEAUX #1 DRILLING AHEAD

Highlights
• Thibodeaux #1 rig is presently completing cementing casing at 13,150.
• La Posada prospect is targeting a resource of 10.3 million barrels and 302 BCF
• Targeting multiple objectives over 2,100 gross feet of potential sand
• Analogue discoveries include Davy Jones & Flat Rock > 1tcf
• Analogue production rates estimated at 30 + mmcf/d and 1,400 bc/d
• Well anticipated to drill to TD in ~100 days
 
Thibodeaux #1, La Posada Prospect, Non Operator 4.75%WI
 
The Thibodeaux #1 well has completed running 13-5/8th inch casing to 13,150ft and is currently completing a cement squeeze job at 13,150ft. The well has experienced minor delays in ensuring the integrity of the cement job. To get to TD the well program incorporates a further 3 casing points, with the next casing point (11-7/8th inch) at around 15,400ft. It is anticipated that the well will be drilled to TD in the next 100 days.
 
The Company has a 4.75% working interest in the La Posada Prospect which covers an area of 2,400 acres in Vermilion Parish, Louisiana. This prospect will be drilled by Thibodeaux #1 to a total depth of 19,300ft. The most likely resource potential being 10.3 MMBBL and 302 BCF gas, with upside potential of up to 40 MMBBL and 1.1 TCF gas. The La Posada Prospect was generated from a proprietary 3D shoot. The prospect is targeting a condensate rich gas pool in a large fault bounded structure, located in a major proven hydrocarbon trend with nearby discoveries in the same objective. The project offers substantial impact and long life resources. The well is targeting multiple objectives with over 2,100 gross feet of potential sand over a 2,000 acre closure with the primary targets being the L CrisR 1st Massive sands (680ft sand of structure) and Secondary targets being the U & M CrisR sands (700ft sand of structure).
 
Analog fields
 
Flat Rock / Davy Jones (2004-10)
• Deeper Pool Discoveries
• On prolific Tigre Lagoon Regional N-S Ridge
 
Etouffe S. Turtle Bayou (2000)
• Analogous structure, timing, depth and deposition
• 20.8 MMBC & 96 BCF (active)
• Darcy permeability
 
Bayou Postillion (1970)
 
• On trend Large CrisR Fields
• Analogous structure, timing and deposition
• 266 BCF & 3.1 MMBC
 
Operational and Economic Upside
 
Resource Upside: Column height, Condensate yield, number of pays and sand thickness
 
Production rates: Deliverability & analog sustained rates 30+ mmcf/d and 1,400+ bc/d
 
Condensate yield: Higher yields on trend (45 and 75 bc/mmcfg)
 
BTU FACTOR: 1100btu/mcfg
 
Operating costs: SWD on property & access to Intracoastal Canal
 
Project costs: Pipeline tap on property, Shut in well available for re-entry / development sidetrack
 
Drilling control: Offset well located 1,100ft from location drilled and within 3,100ft of TD. Well drilled in 46 days without incident
 
Gas markets: 2.5 miles from Henry Hub central facilities and multiple markets
 
Entry Terms: Very favorable with 5% carry to casing point and 10% back in after project payout (APP) pro-rata adjusted to the working interest. GGE’s will have a 4.275% WI APP.
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