production utah wells, page-2

It just goes to show you how leaving out critical information can put a totally different complexion on the situation. Reading this bit of unmitigated spin doctoring, makes it sound like PB1 & PB2 were resounding successes.

Proactive Investors are a complete joke!

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Golden State Resources looks to get production from Utah wells
by Proactive Investors


Utah oil and gas explorer Golden State Resources (ASX: GDN) has identified the gas producing Ismay formations of Paradox Basin #1 and #2 wells, as potential commercial gas zones, given gas flow rates.

PB#1 produced gas at rates up to 3.3 Million cubic feet per day. PB#2 produced gas at rates up to 1.6 Million cubic feet per day, confirming gas presence in the Ismay formation. Interestingly, this was 400 feet lower in the Golden Eagle structure than PB#1.

Rick de Boer executive director of Golden State said the company is having discussions with US financial institutions, who have expressed an interest, to debt fund development drilling.

De Boer said planning has commenced for a third well on the field. Paradox Basin #3 will target the crest of the Ismay formation, 1.8km north east of PB#1.

He said the current design for deep exploration wells was not ideal, which formed part of the farm-in terms, given the Ismay formation was a shallower formation.

"Establishing the Ismay formation as commercial production will be the focus of future wells", de Boer said.

He said future wells on the field will specifically target Ismay formation production, as such they will be shallower, "considerably cheaper to drill and complete. Recompletions of the current wells will also be investigated."

The company said PB#1 is capable of sustained high gas rates as witnessed during the testing. Work on Paradox Basin #1 is pending further evaluation of the test results.

With the farmin terms now satisfied, there will be a focus on establishing production from the Ismay Formation.