The company has finalised its position in the Louise prospect where the Templet-1 well is targeting 600,000 to 800,000 barrels of oil in an updip segment of a proven oil bearing compartment.
It has a 22.57% working interest in Louise and will pay 19.26% of the dry hole well costs.
The rig is expected to be on the Templet-1 location before the end of July 2014.
In addition, installation of production facilities are progressing well at West Klondike with production expected to commence at the end of July 2014.
West Klondike tested at flow rates of above 2 million cubic feet of gas per day with associated condensate.
Grand Gulf added the Abita recompletion has been finalised in the upper 18 sands that is likely to contain 400 million cubic feet of gas and 8,000 barrels of oil.
Abita is presently cleaning up and is expected to increase the company's cashflow by $25,000 per month.
The company has a 11.7% interest in West Klondike and 20% in Abita.
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