Bullseye Prospect – Jumonville #1
Drilling Update
16th
May 2008
Jumonville
#1 Bullseye Prospect, Iberville Parish, Louisiana, Operator 41.25% WI
The Board of
Golden Gate Petroleum (ASX Code: GGP) is pleased to update the market regarding
the drilling of the Jumonville #1 well which spudded on 28 April 2008.
Highlights
- Jumonville
# 1 well is currently drilling below 10,200ft measured depth (MD) and
ahead of planned drilling schedule.
- GGP
retains a 41.25% working interest after completion resulting in a net
revenue interest to the Company of 31%, after leasehold royalties.
- Analog
producing well rates from surrounding fields show production levels of
500-1,000 barrels per day with 4-10 million cubic feet of gas per day.
- High
production rate reservoirs, close infrastructure and current high oil/gas
prices will provide a high rate of return with well cost recovery in less
than 4 months.
Jumonville
# 1 Well
The
Jumonville well is currently drilling below 10,200ft MD, with progress
approximately 4 days ahead of schedule. Intermediate casing will be run in the
next few days at a depth of 10,900ft TVD.
The well
has a planned total depth of 14,200ft MD. Drilling is expected to take
approximately 56 days from spud. Helmrich & Payne, a premier drilling contractor,
has been contracted by the Company to use their Rig #72 (3,000hp). As targets
within the geo-pressured section can present drilling challenges, additional
consulting expertise with a track record of drilling similar wells on time and
on budget has been contracted to enhance the Company’s prudent operating
philosophy.
Partners in the
Jumonville #1 well* are:
Golden Gate
Petroleum Ltd (ASX code: GGP) 43.33% WI
Modena Resources
Limited (ASX code: MDA) 15.00% WI
Pantheon Resources
PLC 15.00% WI
Eastern Advisors 20.00%
WI
Nuenco NL (ASX code:
NEO) 6.67% WI
* Working Interests
are reflected prior to back-in rights of project vendor.
To
view the full announcement, as well as additional information on the Company,
please click on the link below:
http://www.ggpl.com.au
On behalf of the Board of Directors
For further information contact:
Steve Graves
|
Sam Russotti
Chairman
Phone + 61 2 6587 4348
|
Mark Freeman
Director
Phone +61 8 9324 1177
|