The Board of Golden Gate Petroleum Ltd (ASX:GGP) advises that the T.G.R. Land Company, Inc #1 well at Fausse Point has recommenced testing the initial zone of interest in the lowest of three identified hydrocarbon formations. Initial clean up and production testing of this first zone of interest has resulted in good initial flow rates of gas and condensate. Initial flow rates up to 1.8 million cubic feet of gas per day and 56 barrels of condensate per day at a 6/64 coke have been recorded. The drawdown and buildup process of testing the interval at various flow rates and pressures continues in determining the commercial significance of the interval. This testing process is expected to take a few more days in order to fully test the interval. So far, the initial results have not provided a definitive result.
The Fausse Point well has encountered three distinct gas and oil formations starting at 7,000 ft. There have been several zones of interest across all three major formations with indications of hydrocarbons. The lowest formation includes several zones of interest including the zone just perforated that indicated good permeability, porosity with oil/condensate recovered in the sample cores and has now flowed hydrocarbons to surface.
Comments
It is very important to do a thorough review in the initial testing of this first zone of interest prior to committing to the cost of installing surface facilities and a gas pipeline. The standard testing sequence takes several days and it is important to be very thorough in this phase of testing. Extended production testing operations will be conducted throughout this coming week. If the first zone just tested confirms a commercial result, testing will cease and preparations will begin to bring the well onto production.
