I agree its business as usual, but it does feed the doom...

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...



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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