I agree its business as usual, but it does feed the doom Sayers..
** That still say the world is ending for GGP, not bloody likely i say!
Quote - The #6 well is the sixth well to be drilled by GGP in the Permian Project and is located on the same lease as the previous four vert ical wells, where we have all rights to all formations down to the Strawn interva l. Drilling the #6 well meets our drilling obligations under the continuous drilling requirement for this lease.
Sentiment: Strong Buy...
Intern Information Technology Solutions C O M P A N Y I N F O R M A T I O N Golden Gate Petroleum Ltd ABN 34 090 074 785 COMPANY DIRECTORS Steve Graves – Executive Chairman Chris Porter – Director Rob Oliver - Director MANAGEMENT Chris Ritchie – CFO / Co Sec STOCK EXCHANGE LISTING Australian Stock Exchange ASX Code: GGP Current Shares on Issue: 4,353,316,468 Market Capitalization as at 14 June 2013 based on a share price of $0.002: AUD $8.7 million CURRENT PROJECTS Permian Project Bowtie West Napoleonville Acadia Goliad www.ggpl.com.au G O L D E N G A T E P E T R O L E U M L T D A S X / M E D I A A N N O U N C E M E N T 1 7 June 2013 Permian Project Operational Update Golden Gate Petroleum Limited (“GGP”) (ASX: GGP) is pleased to provide the market with an update on the #6 Well which is part of GGP’s Permian Project in Texas, USA. #6 Well The #6 well is currently drilling ahead at 6,418 ft in the Sprayberry formation. It had commenced drilling operations at 5:30 pm, CST ( Central Standard Time ), 8 June 2013. 8 5/8 ” surface casing was set at 575 ft and cemented wit h full returns. This vertical well will be drilled to the Strawn in terval depending on hole conditions and results. The well is expected to take approxima tely 10 to 12 days to drill and complete and then fracture stimulation of the Spray berry/Dean and Wolfcamp intervals will be considered based on log analysis from the well and production history from GGP’s four other vertical SRH wells. W e will also examine the potential for horizontal development of the shallower Clearfo rk interval. The #6 well is the sixth well to be drilled by GGP in the Permian Project and is located on the same lease as the previous four vert ical wells, where we have all rights to all formations down to the Strawn interva l. Drilling the #6 well meets our drilling obligations under the continuous drilling requirement for this lease. This lease contains 5 million barrels of 1P and 2P reserves which we have booked from the Sprayberry/Dean intervals. Currently no re serves are booked for the Wolfcamp, but with the production history from the vertical wells and the #6, plus the #5 horizontal well, we hope to be able to re-ex amine, and upgrade our reserve position. For and on behalf of the board Steve Graves Executive Chairman
GGP Price at posting:
5.0¢ Sentiment: Buy Disclosure: Held