Hey all you would-be punters with your money sitting in ING at around the 6% interest PA, or 0.5% per month or 0.125% per week look at the facts below:
This is now The Permian Basin that GGP has, and what we are talking about is a prolific oil producing area that does seem to have two quite amazing facts:
1. Around a 99% success rate of strike
2. Almost self-drilling holes, well seems that way with the speed all the drillers in this basin are able to get to TD and also with very few issues
Both of these features in unison are almost unheard of in the oil/gas industry, it's taking a tad longer than the 8 days but they did say 8+ days so pretty much all on track, also we are in very good hands with the people getting their hands greasy for us SH's which is Union Drilling Inc. have a quick look at them -
About Union Drilling Union Drilling, Inc. provides contract land drilling services and equipment primarily to major or independent oil and natural gas producers that operate in the most active exploration and productions areas in the country including the Marcellus shale and the Arkoma, Fort Worth, and Permian Basins. Today, the Company owns and operates a fleet of 71 marketed rigs, with substantially all of its rigs operating in unconventional producing areas, where specialized drilling techniques, such as horizontal drilling and underbalanced drilling, are required to develop these resources efficiently. We continue to invest in our crews and our rig fleet to improve safety and drilling productivity as well as reduce total well costs for our customers.
Golden Gate Petroleum Ltd (ASX: GGP) is pleased to announce the commencement of drilling operations at the SRH-C # 6H well located in Reagan County, Texas. Drilling began at 6 pm on October 7, 2011 (US Central Time) and is currently at 741 feet after setting surface casing. This is the first well of a back to back two well program. It will be followed by many more wells planned over the 8,800 acre leasehold position in order to develop this highly regarded unconventional oil and gas resource representing the largest single project of known hydrocarbon development in the Company’s history.
The SRH-C # 6H well is planned to be drilled to a depth of 9,200 feet and is expected to take 8+ days to reach total depth. Both mud logs and electric logs will be run to assist with the hydraulic fracturing program and the design of future wells including horizontal wells across the leasehold. GGP’s experienced technical team will be closely examining various intervals in this well including the Upper and Middle Sprayberry, multiple Wolfcamp intervals and Strawn. All these intervals are oil and gas producers in the immediate area surrounding the leasehold.
GGP Price at posting:
1.2¢ Sentiment: Buy Disclosure: Held
