Grand Gulf Energy's (ASX:GGE) is close to intersecting the primary objective at its Templet-1 well at the Louise Prospect on the Napoleonville Salt Dome in Louisiana that targets between 600,000 to 800,000 barrels of oil.
The well is currently drilling ahead at 10,800 feet, close to the primary objective Cris R IV sand at 11,660 feet.
Secondary objectives exist in the Cris R Lime, Cris R II, Cris R III, Cris R V and Cris R VI with the planned total depth of 13,000 feet.
Based on the current drilling rate, Templet-1 is expected to reach total depth in about six days following which electric logs will be run.
Templet-1 is expected to penetrate an accumulation of oil in a 3D-defined, normally pressured block, updip from a productive well where an equivalent target interval has produced 2.2 million barrels of oil and 10.5 billion cubic feet of gas.
The prospect follows the same style as Desiree, located to the immediate south and was developed using GGE's inhouse geological and geophysical team.
Grand Gulf has a 22.57% working interest and will be paying 19.26% of the dry hole well costs.
Proactive Investors has forecast a 6-9 month price target of $0.035 per share based on success at Templet-1. Further success at the Napoleonville Salt Dome will add additional upside to the Grand Gulf Energy share price in 2015.
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