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Market: ASX
Sector: Energy
EPIC: GGP
Latest Price: A$0.02  (-9.52% Descending)
52-week High: A$0.03
52-week Low: A$0.01
Market Cap: A$29.16M
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Golden Gate Petroleum
www.ggpl.com.au

Golden Gate Petroleum is engaged in hydrocarbon production and exploration in the United States of America.

Full Golden Gate Petroleum profile here
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Golden Gate Petroleum to commence drilling at Bowtie West prospect in April

19th Mar 2010, 9:22 am

Golden Gate Petroleum (ASX: GGP) has announced that the Bowtie West prospect in Texas is to commence drilling operations in early April with the spudding of the Sugar Valley # 1 well.

The Sugar Valley # 1 well will be drilled to an approximate depth of 13,000 feet to test the Vicksburg sandstone reservoir known as the Tex-2 formation. Yarras Texas LLC, GGP’s wholly own subsidiary, is paying 20% of the drilling costs to earn an 18% in the prospect.

The Bowtie prospect is a moderately risked exploration prospect with prospective reserves estimated at over 50 billion cubic feet of gas and around 1.7 million barrels of oil.

Analogue producing wells exist nearby with initial production rates greater than 8 million cubic feet of gas per day and over 500 barrels of condensate per day and have cumulative production of more than 10 billion cubic feet of gas.

The company said the reservoir sands at Bowtie West are visible on seismic with a strong amplitude anomaly that extends widely over the prospect and could represent a much larger prospective reserve than estimated.

The strong amplitude anomaly equals thick reservoir sand which has been calibrated in nearby prolific Vicksburg producers.

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