GGP gets mentioned again by The Speculator It is going to be good day tomorrow
Part of Article,
Golden Gate Petroleum (GGP) this week confirmed a second oil discovery on its West Texas Permian project with indications it’s even bigger than its first discovery. Golden Gate announced two weeks ago that the first discovery well, SRH-C#6H, is estimated from log analysis to yield 260,000 barrels of oil valued for more than $US20 million in gross revenue, assuming an oil price of $US80 a barrel. (It’s now about $US93.) Well geologist Mickey McGhee said: “The SRH-A#8A has twice as much kerogen-rich shale in the lower intervals than the first well, along with extremely high gas shows and mud cuts, while drilling. The lower intervals are the primary target for these wells.
GGP Price at posting:
1.7¢ Sentiment: ST Buy Disclosure: Held
