Proactive Investor's  Instablog

Proactive Investor
Send Message
Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
My company:
Proactiveinvestors
My blog:
Proactiveinvestors
  • Golden Gate Petroleum Poised To See Louisiana Oil Production 0 comments
    Feb 25, 2013 8:19 PM

    Golden Gate Petroleum (ASX: GGP) could soon add more production from its Louisiana assets with the Walker Properties-1 well in the North Edna Project currently being logged and cased.

    Walker Properties-1 was drilled to a total depth of 9,350 feet targeting the Vicksburg Herpin Sand.

    It is located updip of the Richardson-1 discovery well that was drilled in September 2010 and produced 5,400 barrels of oil before production ended due to high water volumes.

    The Vicksburg Herpin Sand is the pay objective located in the abandoned North Edna Field. Discovered in 1954, the North Edna Field produced 7.3 billion cubic feet of gas and 841,000 barrels of oil from two shallower Lower Frio sands at a depth of 7,900 and 8,600 feet.

    During the development of North Edna, the deep Herpin Sand was not drilled.

    Golden Gate estimates the target could host 2 million barrels of oil and that its share of project revenues is estimated to be about US$6.5 million based on recent independent valuations.

    The company holds a 11.2% working interest in the project and a carried interest in the initial well to casing point.

    Golden Gate is also waiting on fracture stimulation to begin at its first horizontal well, SRH-5H, at its Permian Project in the Reagan and Irion Counties, Texas.

    Services provider Halliburton will carry out the frac work over the horizontal section in the Upper Wolfcamp interval, which is referred to as the A Bench, at the end of this month.

    Based on other horizontal well estimates by major operators in the area, the SRH-5H well could have estimated ultimate resource potential of about 400,000 barrels of oil equivalent (boe) made up primarily of oil and gas liquids.

    Preparations are underway for the drilling of the sixth well in the Permian project with spudding expected in March 2013. Surveying of several sites for both vertical and horizontal wells is underway.

    A decision on whether to drill a horizontal or vertical well will be determined based on the results of the SRH-5H well's initial production and other factors involving the current permitting process and legal issues.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

Back To Proactive Investor's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.