going by announcement dated 5/12/06, they state "The three most attractive zones will be the focus of the testing programme initially". we know they unfortunately didn't have any success..
does this mean they don't have much confidence in the deeper target..????
any further sell-off might be good value for the next couple of wells..one being Manzano Prospect possible 337bcf...GGP's interest 37.5%
5 December 2006 PADRE ISLAND TESTING PROGRAMME Kindee ST 212 #1, Padre Island Texas, Operator 37.5% WI The Board of Golden Gate Petroleum is pleased to advise that following the electric logging of the Kindee ST 212 #1 well, a testing programme is underway in three of the four prospective gas zones encountered in the well. The programme will provide the additional information needed to determine the commerciality of these zones. Our preliminary interpretation of the logs has identified 4 zones which are potentially gas bearing and warrant further investigation. Collectively these zones span a gross interval of over 1,000 feet. The three most attractive zones will be the focus of the testing programme initially. The deepest zone, spanning over 800 gross feet, will be accessed through a sidetrack wellbore, including the collection of conventional cores and sampling for fluids and pressures. The shallower two zones will be tested through a drillstem test. It is expected that the both tests will be completed within the next 3 weeks. The results will be released to the market as they become available. Mr. Mike Bell, Managing Director, said, “Based on the thickness of gas-bearing rock penetrated in the well, the initial results from the electric logs are encouraging. However, the assessment of commerciality in these reservoirs will be based on the results from this testing and sampling programme.” Partners in the Kindee ST 212 #1 well are: Golden Gate Petroleum Ltd 37.5% WI Lodore Oil and Gas LP 37.5% WI Pantheon Resources Plc 25.0% WI Contact: Mike Bell Managing Director Phone +1 713 334 0986 Sam Russotti Chairman and Director Phone +61 2 6587 4348 For more information: www.ggpl.com.au
GGP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held