The following is an excerpt from an article in PetroleumNews today which features GGP & the Fausse Point Project:-
Source: www.petroleumnews.net
Striking it big in US Marija Stojkovic Monday, 22 February 2010
Golden Gate Petroleum
In Louisiana, Golden Gate Petroleum says testing of the TGR Land Co Inc-1 well at Fausse Point has confirmed the well is commercial, and it is expected to start producing at a rate of 500,000 cubic feet per day.
Production from the well will start within two months once the production infrastructure has been built.
Golden Gate said the initial production rate of 500,000cfd may be increased after an initial period of production, depending on the performance of the reservoir.
The company added that analysis of the test results indicated the lowest zone could possibly be connected to a much larger hydrocarbon accumulation and that the well has only just penetrated the edge of the accumulation.
"This zone that is now being completed for production was not an original target of this well and hence represents a potential new play type that will need to be carefully evaluated," Golden Gate explained.
"The two primary target objectives of the well that were intercepted at the shallower depths and were hydrocarbon bearing will be tested in due course.
"Persisting with testing this deep zone and bringing it into commercial production rather than moving up the hole and testing the numerous other zones is based on our expectation that we may have discovered something substantial in a new play type in this deep section that we need to understand.
"Fausse Point has been an extremely interesting well in that it has discovered hydrocarbons over multiple levels which is extremely encouraging, however patience is required to fully understand each of these zones so as to optimise any appraisal drilling operation."
Golden Gate has a 20% working interest in the Fausse Point project.
Ends.
NB: Partners in the Fausse Point Project are:-
Golden Gate Petroleum Ltd (ASX code: GGP) 20.00% WI
Verus Investments Limited (ASX code: VIL) 50.00% WI
Pass Petroleum L.L.C. 30.00% WI
VIL Price at posting:
4.6¢ Sentiment: None Disclosure: Held
