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Grand Gulf Energy Limited (ASX:GGE) THIBODEAUX #1 DRILLING AHEAD

THIBODEAUX #1 DRILLING AHEAD

Highlights

• Thibodeaux #1 rig is drilling ahead at 14,629ft.

• 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 is drilling ahead at 14,629ft. 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 85 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).

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