ASX/Media
Release
19 November 2007
Grand Gulf Production
climbs over 500 mcf/d
Texas Oil
Well to be tested
____________________________________________________________
Grand Gulf
Energy Limited (ASX: GGE) is pleased to report continuing success in its oil
and gas exploration campaign in the US with gas production reaching
more than 500 mcf/day. The latest lift in production
comes from the ConocoPhillips #4 (7.5%) well which came on stream at 2.9
mmcf/d, the Nixon #1-8 (8%) which came on
stream at 1 mmcf/d together with the previously
reported Ashby #10-29 (3.8%) which started production at an
initial rate of 1.8mmcf/d and 30 BOPD.
Two further wells are currently being completed, Pate
#6-18 (10.4%) which has a target Initial Production (IP) rate of
1.5mmcf/day and Ashby #11-29 (3.8%) which has a target IP of 1mmcf/d
plus some oil.
Claiborne #2-17 (10%) is
currently being drilled with a target IP of 1mmcf/d target and will reach
Target Depth (TD) in the next 10 days. Bourque #1 (10%) which will spud
by the end of November has a target IP and reserves of 4mmcf/d and 12bcf
respectively. Importantly Bourque #1 is being drilled via an existing
well and has only 1,200 feet of drilling to TD.
Success in these wells would lead to gas production
doubling to over 1 mmcf/d.
In addition, the company’s first oil well, the Carrin Patman #1,
has reached TD and will be tested in the next week. Logs show that the well
encountered two Frio
pay sands as well as a number of shallow Miocene gas sands. Further wells will
be drilled at in this area.
Grand Gulf CEO and Managing Director Mr James Trimble
said the company’s continuing success validated its decision to focus on
proven basins and divest its unconventional plays.
“The strategy has worked and gas production is
set to exceed 1mmcf/d from wells drilled in 2007. Our focus for 2008 will be to
continue our successful drilling campaign in Oklahoma while drilling and producing from
the Napoleonville Salt Dome. Initial interpretation of Napoleonville has
identified many drill targets, including an exciting portfolio of large and
small oil and gas prospects,” Mr Trimble said.
Please go to the October Monthly Operations Report (http://www.grandgulfenergy.com/operationReports.asp)
for further detail on wells and locations.
For further information contact:
For more information visit www.grandgulfenergy.com
and sign up for email news.
Issued
by
Purple
Communications
Level
3, 28 Kings Park Road, WEST
PERTH WA 6005
Ph:
08 9485 1254 Fax: 08 6263 0455
purple@purplecom.com.au
