deeper target not so attractive hi guys""deeper target not so...

deeper target not so attractive hi guys

""deeper target not so attractive""

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