GAS DISCOVERY ? LA PLAYA #2 FLOWS AT 1.3 MMCFD
1 July 2008
ONG GAS FLOW AT MANZANO PROMPTS (3.1 MMCFD) SECOND WELL
La Playa #2 (La Playa Prospect), Padre Island, TX, Golden Gate has 20% WI, BNP is the Operator
The Board of Golden Gate Petroleum (ASX Code: ?GGP?) is pleased to announce successful test results from the La Playa #2 exploration well.
La Playa #2 was drilled in October 2007 and testing has been delayed due to extensive analysis and other well commitments. Following the successful test, the well has been tied directly into the sales grid along with GGP?s other producing wells in the area and has been producing at a rate of more than 1.3 million cubic feet per day of gas from a perforated 2 ft interval over an extended production testing period.
The addition of La Playa #2 presents a high value proposition at current gas prices at $12.50 mcf and hence significantly improves GGP?s cash flow. GGP has several high impact wells planned over coming months of which Jumonville #1 is currently drilling.
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.