On the 9th of July, the JV indicated that the Dugas 1 well had reached targeted depth of 7802 ft and logging indicated over 120 ft of net pay [both oil and gas] over three sands.
After today's announcement on the 22th July, the testing reveals that this net pay is only from the Big Hum sands. So they have now decided to fulfill their objective to strike the Operc sands and thus determine the commerciality. Upon deepening this well, they will then test the identified 3 sands and [if any] new net pays.
Comment; This is great news for investors of GGP, GGE and GGPO. The JV is just ensuring that they utilise the current status quo to observe the existence of any Operc sands and its commercial nature in the current well. For them to be 'in the process of completing a gas sales agreement' and receiving a right of way of access of a pipeline indicates a pretty confident assessment.
Do remember that this notice is similar to their correspondence of the FP1 well after discovery.
Great news...and more to come with Silverwood and FP updates.
GGP Price at posting:
2.8¢ Sentiment: ST Buy Disclosure: Held
