Clifton Lands #1, Operator 15%WI The Board is pleased to advise that Clifton Lands #1 well is due to spud within the next 1 to 2 days. The well is testing a primary objective in the Big Hum sand with 5 BCF classified as a PUD and targeting further exploration upside objectives in the Tex W of 100,000 barrels oil. If the well is successful initial flow rates are expected to be around the 5,000 MCF per day and 100+ barrels of oil per day. Total dry hole costs are estimated at US$1,100,000. The well is expected to take 10 days to drill and the rig is currently on site rigging up. Partners in the Clifton Lands #1 well are: Company WI Grand Gulf Energy Ltd 46.83% Golden Gate Petroleum Ltd (operator) * 15.00% Other Partners 38.17% * GGP is liable for 23% of dry hole costs of well costs.
GGP Price at posting:
1.8¢ Sentiment: ST Buy Disclosure: Held