s welsh project, page-23

Apologies if this has been posted elsewhere, I know it's a bit old but a comforting read :)
Windsong

Grand Gulf Energy acquires interest in low risk Louisiana oil project

Tuesday, 31 July 2012

Grand Gulf Energy (ASX: GGE) is acquiring a 10.5% working interest in a low risk Louisiana oil development that could hold up to 450,000 barrels of oil.

The proposed well on the S Welsh project in Jeff Davis Parish on the southwest flank of Welsh Field, targets Marg Tex sands about 250 feet updip of a well that produced over 335,000 barrels of oil.

It is expected to have initial production of about 250 barrels of oil per day.

Including the adjacent fault blocks, the Marg Tex sands have produced over 1 million barrels of oil from 4 wells.

The prospect – a three-way trap – was generated from 3D seismic, reservoir study and subsurface mapping and is the highest location relative to these wells.

Grand Gulf expects its share of well costs to be about US$145,000 (A$137,700) with a further US$72,000 for completion and facilities costs in the event of a success.

The well is due to spud in October 2012. Pipeline facilities are present in the area and the well is likely to be put on production within 2 months of completion.



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