Well 6 off and running...
Sentiment: Strong Buy ...
1
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
7 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
1
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 commenced drilling operations at 5:30 p
m, CST (Central Standard
Time
), 8 June 2013.
8
5/8
” surface casing has been successfully set at 575 f
t and
cemented with full returns. The well is currently d
rilling ahead at 624 ft.
This vertical well will be drilled to a depth of 9,
300 ft., penetrating all formations
down to the Strawn interval. The well is expected t
o take approximately 10 days to
drill and complete and then fracture stimulation of
the Sprayberry/Dean and
Wolfcamp intervals will be considered based on log
analysis from the well and
production history from GGP’s four other vertical S
RH wells. We will also examine
the potential for horizontal development of the sha
llower Clearfork 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.
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