BULLSEYE ? JUMONVILLE #1 PROGRESS UPDATE
1 July 2008
ONG GAS FLOW AT MANZANO PROMPTS (3.1 MMCFD) SECOND WELL
Jumonville #1 Bullseye Prospect, Iberville Parish, Louisiana, Operator 43.33% WI
The Jumonville #1 well spudded on 28 April 2008. At the time of this report the well is preparing to drill ahead after setting an intermediate liner.
Due to formation pressures being lower than originally anticipated the liner was set at 10,877 feet instead of at 12,100 feet as was the original plan. This was necessary in order to prevent the loss of circulation which could have caused potential problems while drilling.
This liner has now been successfully tested at the necessary mud weight pressure and the well is drilling ahead into the objective section below the geopressure transition zone. The well will test secondary objective reservoirs in the Marg Vag (~11,600ft) and Camerina (~12,100ft) intervals on its way to the primary objective at the Miogyp (~12,400ft) sand.
The well has a planned total depth of 14,200ft MD. Drilling is now expected to take approximately 75 days from spud.
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 | Jeff Copley VP Operations Houston, Texas Phone +1 713 334 0986 | Mark Freeman Director Phone +61 8 9324 1177 |
This report has been reviewed and signed off by Mr Sam Russotti, CEO, (BSc Geology) and Mr. Jeff Copley, VP Operations (BSc Geology & MSc. Geophysics), both with over 30 years experience in the oil and gas sector.
Golden Gate is an independent oil and gas exploration and production company listed on the Australian Stock Exchange. Its focus of operations is onshore Texas and Louisiana Gulf Coast region of the USA.