The Board of Golden Gate Petroleum Ltd (ASX: GGP) advises that the Richardson #1 Well has reached a depth of 5,868 feet, with a target depth of 9,500 feet and is currently drilling ahead. The well is several days behind schedule due to the recent tropical storm hitting the Gulf of Mexico mandating the rig cease drilling operations. In addition, the rig encountered mechanical difficulties due to a break in the drill string which has further delayed progress. These delays and related costs have not been incurred by the working interest partners. In addition, there is no direct impact on the well except the time delay caused by the equipment failure.
AUJ Price at posting:
19.0¢ Sentiment: Buy Disclosure: Held
