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Golden Gate Petroleum Boosts Total Oil And Gas Production

Golden Gate Petroleum (ASX:GGP) has boosted total production in the latest two week period ended 15 March by 13.8% on the back of better production across all its projects in the US.

Total production for the two week period ended 15 March stood at 1,537.7 barrels of oil equivalent compared with 1,351.6 BoE in the previous two week.

Individual project productions were up with the SRH-3 and SRH-4 wells in the Permian project producing 392.9 BoE and 574.1 BoE respectively compared with corresponding production of 364.8 BoE and 465.1 BoE, the previous week.

Production from the Dugas LeBlanc-3 well in Napoleonville and Sugar Valley-1 in Bowtie West were also up at 370.7 BoE and 200 BoE respectively.

The SRH-1 and SRH-2 wells in the Permian projects have been shut in with the company preparing capillary installation so as to start production from combined Cline and Wolfcamp intervals already fracture stimulated.

It is preparing to fracture stimulate the SRH-5 horizontal well, while SRH-3 and SRH-4 are on production as is the Sugar Valley-1 well in the Bowtie West project.

At the Napoleonville Hensarling-1 well, where Golden Gate has 3.99% working interest, electric logging operations have confirmed net pay of 31 feet of pay in the Cris R II sands and 49 feet in the Cris R III sands.

Also, the company plans to sell 10% working interest in the Cutlass project in Texas for US$1.7 million.

It recently raised cash via a $3.2 million entitlement offer and a $7.5 million facility from The Lind Partners.

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