Permian Project Update – SRH 5H Well Drilling Update Golden Gate...

Permian Project Update – SRH 5H Well Drilling Update
Golden Gate Petroleum Ltd (ASX: GGP) (“Golden Gate” or the “Company”)

Is pleased to provide a drilling update on our Permian Project, Texas, USA. VALLEY No 1 WELL DRILLING DATE Permian Project, Reagan and Irion Counties, Texas, Operator 100% WI SRH #5H Well

The SRH #5H well, Golden Gate’s first horizontal well commenced drilling operations on 5 November 2012. The Western Drilling Rig No. 6 has reached a depth of 5,245 feet and is drilling ahead. The well plan calls for a full suite of electric logs to be run in order to assist with the planning process for the fracture stimulation program.

The horizontal interval to be drilled is the Wolfcamp A interval. We believe there are three and possibly four intervals which could be candidates for horizontal drilling over our leasehold position. Approximately 24 horizontal well locations have been identified for each interval. 72 to 92 horizontal wells in total could be drilled over the leasehold.

Based on other horizontal well estimates by major operators in the area, the SRH # 5H well could have an estimated ultimate resource potential of approximately 400,000 barrels of oil equivalent made up of primarily oil and gas liquids.


The current plan is to drill Wolfcamp horizontal wells over the leasehold position in 2013 in order to maintain all leases via the continuous drilling requirements. The SRH #5H well will provide important information for next year’s drilling program as well as being a producing well.