ASX/Media Release 19 July 2011 DUGAS & LEBLANC #3 ON PRODUCTION Napoleonville?] Dugas & Leblanc #3 Well, Assumption Parish, Louisiana, Non Operator 39.4% WI The Board advises that the D&L#3 well has been placed on production at a rate of 1,500mcf/d in the 10ft ?gStray B?h Sand on a 10/64th inch choke. Due to the extremely high reservoir quality sands production rates may potentially be increased up to 4,000?]5,000 mcfd with the Stray sand being drawn down as quick as possible in order to then move to the ?gM?h sand. The well?fs production rates will be assessed and increased following further production history. Following a reserve review the Company has revised its estimated hydrocarbon potential in the M sand as follows: Oil (BBL) Gas (MCF) Projected Recoverable Reserve 400,000 1,200,000 The reserve potential of the M sand is expected to increase with reservoir performance data. The Company is expecting flow rates in the order of 300 ?] 400 bbls per day with around 800?]1,000 mcfd. Partners in the D&L#3 well are: Company WI Grand Gulf Energy Ltd 39.4% Golden Gate Petroleum Ltd 15% Other Partners 45.6% For further information contact: Mark Freeman Executive Director Phone +61 8 9324 1177 For more
GGE Price at posting:
0.5¢ Sentiment: Buy Disclosure: Held
