Exploration prospects are continuing to look prosperous for GGP. Recent hydrocarbon discoveries in GGP’s SRH-C # 6H well are continuing to reveal a rich petroleum and gas resource that will serve the company well in the future. The SRH-C # 6H well located in Reagan County, is estimated to contain a total recoverable volume of 260,000 barrels based on mud log and seismic survey analyses, with eight pay intervals ranging from 5,220 feet to 9,176 feet containing over 130 feet of conventional oil sand along with approximately 1,600 feet of rich oil shales equating to a quite a prosperous resource, valued at over USD$20 million in gross revenue, assuming $80 per barrel oil prices. Not to mention additional oil attributable to the rich oil shales located in the SRH-C # 6H well is estimated to be capable of producing some 124,000 barrels of oil applying a 1% recovery of the oil which can be calculated to a resource value of over USD$9.9 million ($80 per barrel oil price applied). This well will continue to provide wealth and profits that shall assist in the planning and construction of additional wells in the near future within the Permian Basin or perhaps even within rocks of younger geological age such in the region such as Jurassic and Cretaceous sediments which are known to contain 21% and 27% of the worlds global petroleum reserves respectively.
GGP Price at posting:
2.2¢ Sentiment: Buy Disclosure: Held
