-
-
[8)]LaPlaya Deep-1 to start producing gas in 2-3 weeks...
No price movement yet ? Needs something more substantial maybe.[?]
-
-
-
-
-
-
Hi Paul
Where was the Astro alert on this baby, up 100% in a week on good oil.
( A B N 3 4 0 9 0 0 7 4 7 8 5 ) 1 st Floor, 8 Colin Street
West Perth WA
Australia 6005
Telephone: +61 8 9324 1177
Facsimile: +61 8 9324 2171
PO Box 453
West Perth WA
Australia 6872
Email: admin@ggpl.com.au
Website: www.ggpl.com.au
28 August 2008
Market Release (via electronic lodgement)
BULLSEYE LOGS INDICATE SIGNIFICANT DISCOVERY Jumonville #1 Bullseye Prospect, Iberville Parish, Louisiana, Operator 43.33% WI The Company advises that on Wednesday (27/08/08), North America time, cased hole logs were run at the
Jumonville #1 well in the Bullseye Project with the following results: Highlights · The logs indicate approximately 40 feet net pay in the potentially oil-and-gas-bearing section of the Miogyp
sands, and a further 32 feet of net oil or gas pay in the Camerina sands approximately two hundred feet
above the Miogyp section. The two reservoir thicknesses are substantially above our pre drilling
expectations for each interval.
· Revised potential reserve estimates are 16 million barrels of oil equivalent (BOE) for the Miogyp and, as a
very preliminary estimate, several million barrels of oil equivalent for the Camerina.
· Further evaluation of the data and production testing is required to determine the size and commercial
significance of this discovery. Flow testing of the Jumonville # 1 well is planned within the next week.
· The Bullseye Prospect also has a further exploration target in the deeper Cib Haz interval which has had its
probability of success increased with the results in the Miogyp. The Cib Haz could represent another
20+ million barrels of oil equivalent reservoir potential and will be targeted in the next well.
Cased hole logs of the Jumonville #1 well indicate two hydrocarbon-bearing zones. The Miogyp, a primary target,
has a 47-foot sandstone interval with the top at 12,332 feet, of which 41 feet appear to be net pay, probably with
liquid hydrocarbons. The Camerina sands, a secondary target, appear to be hydrocarbon-bearing over a 42-foot
interval with the top at 12,103 feet. The three sand lobes in the Camerina total 32 feet of estimated net pay, again
with logs indicating possible liquid hydrocarbons.
The logging results, plus the substantial oil show while drilling (several hundred barrels of light oil in the mud pits),
suggest that this well has potentially made a substantial discovery in the Miogyp reservoir. Flow testing to determine
the commercial significance is planned within the next week.
Miogyp and Camerina Reserve Estimates Internal Company estimates of recoverable oil in the Miogyp, prior to penetrating the section, were approximately
12 million BOEs, based on a most-likely pre-drill average net pay thickness of 30 feet. The well logs indicate net pay
35% greater than expected, raising the pre-drill reserve estimates to 16 million BOEs. Additional support for a larger
net-pay average is the Noble Acosta #1 well, about 2,000 feet to the east, which penetrated about 50 feet of sand
and also appears to be hydrocarbon bearing. The presence of more than 40 feet of sandstone in the Jumonville #1
logs also validates the use of seismic amplitude anomalies to map distribution of thick reservoir, thus supporting a
one-third increase in the pre-drill reserve estimate. ~ 2 ~ Although the Camerina was a secondary target for the Jumonville # 1 well, the log results point to a potential
commercial accumulation in this section. There are two nearby penetrations of the Camerina within the Bullseye
trap, both with substantial sandstone thickness like the Jumonville #1 and with indications of hydrocarbons. It is
anticipated that the Camerina sand could have up to 2 million BOEs of hydrocarbon resource. Further study will be
required for a more detailed reserve estimate. Cib Haz Exploration Target The successful results to date in the Miogyp confirm the trap integrity of this prospect, which was recognized as the
greatest exploration risk for the Jumonville #1. Demonstration of a working hydrocarbon trap substantially
increases the probability of success for wells in the deeper Cib Haz reservoir, which is another primary target for
exploration wells at the Bullseye prospect. Recently updated internal Company estimates for the Cib Haz in the
Bullseye Project suggest potential reserves of 25 million BOEs, substantially greater than the Miogyp. These
estimates are further supported by the Jumonville #1, which confirmed the seismic definition of reservoir for the
Miogyp; this seismic amplitude-anomaly definition also allows a high-quality mapping of the Cib Haz potential
reservoir. Summary The information to date supports the potential for a significant discovery with indicated net pay across both the
primary Miogyp and secondary Camerina intervals, as well as upgrading the potential for the deeper undrilled Cib
Haz Formation. Golden Gate Petroleum believes the total potential reserves for the Bullseye prospect is close to 40
million barrels of oil equivalent.
The Company is very excited about the large potential of the Bullseye prospect, however it does stress that the
commercial significance of the discovery is yet to be determined and will be a function of a planned production
testing operation over the coming week.
Partners in the Jumonville #1 well* are:
Golden Gate Petroleum Ltd (ASX code: GGP) 43.33% WI
Modena Resources Limited (ASX code: MDA) 15.00% WI
Pantheon Resources PLC 15.00% WI
Eastern Advisors 20.00% WI
Nuenco NL (ASX code: NEO) 6.67% WI
* Working Interests are reflected prior to back-in rights of project vendor. On behalf of the Board of Directors For further information contact: Steve Graves
Managing Director
Phone +1 805 469 4656
Jeff Copley
VP Operations
Phone +1 713 334 0986
The information in this report has been reviewed and signed off by Mr. Jeff Copley, VP Operations (MSc.
Geophysics), with over 30 years relevant experience within oil and gas sector.
Golden Gate is an independent oil and gas exploration and production company listed on the Australian Stock
Exchange. Its focus of operations is onshore Texas and Louisiana Gulf Coast region of the USA.
-
-
 Originally Posted by tricha
Hi Paul
Where was the Astro alert on this baby, up 100% in a week on good oil.
( A B N 3 4 0 9 0 0 7 4 7 8 5 ) 1 st Floor, 8 Colin Street
West Perth WA
Australia 6005
Telephone: +61 8 9324 1177
Facsimile: +61 8 9324 2171
PO Box 453
West Perth WA
Australia 6872
Email: admin@ggpl.com.au
Website: www.ggpl.com.au
28 August 2008
Market Release (via electronic lodgement)
BULLSEYE LOGS INDICATE SIGNIFICANT DISCOVERY Jumonville #1 Bullseye Prospect, Iberville Parish, Louisiana, Operator 43.33% WI The Company advises that on Wednesday (27/08/08), North America time, cased hole logs were run at the
Jumonville #1 well in the Bullseye Project with the following results: Highlights · The logs indicate approximately 40 feet net pay in the potentially oil-and-gas-bearing section of the Miogyp
sands, and a further 32 feet of net oil or gas pay in the Camerina sands approximately two hundred feet
above the Miogyp section. The two reservoir thicknesses are substantially above our pre drilling
expectations for each interval.
· Revised potential reserve estimates are 16 million barrels of oil equivalent (BOE) for the Miogyp and, as a
very preliminary estimate, several million barrels of oil equivalent for the Camerina.
· Further evaluation of the data and production testing is required to determine the size and commercial
significance of this discovery. Flow testing of the Jumonville # 1 well is planned within the next week.
· The Bullseye Prospect also has a further exploration target in the deeper Cib Haz interval which has had its
probability of success increased with the results in the Miogyp. The Cib Haz could represent another
20+ million barrels of oil equivalent reservoir potential and will be targeted in the next well.
Cased hole logs of the Jumonville #1 well indicate two hydrocarbon-bearing zones. The Miogyp, a primary target,
has a 47-foot sandstone interval with the top at 12,332 feet, of which 41 feet appear to be net pay, probably with
liquid hydrocarbons. The Camerina sands, a secondary target, appear to be hydrocarbon-bearing over a 42-foot
interval with the top at 12,103 feet. The three sand lobes in the Camerina total 32 feet of estimated net pay, again
with logs indicating possible liquid hydrocarbons.
The logging results, plus the substantial oil show while drilling (several hundred barrels of light oil in the mud pits),
suggest that this well has potentially made a substantial discovery in the Miogyp reservoir. Flow testing to determine
the commercial significance is planned within the next week.
Miogyp and Camerina Reserve Estimates Internal Company estimates of recoverable oil in the Miogyp, prior to penetrating the section, were approximately
12 million BOEs, based on a most-likely pre-drill average net pay thickness of 30 feet. The well logs indicate net pay
35% greater than expected, raising the pre-drill reserve estimates to 16 million BOEs. Additional support for a larger
net-pay average is the Noble Acosta #1 well, about 2,000 feet to the east, which penetrated about 50 feet of sand
and also appears to be hydrocarbon bearing. The presence of more than 40 feet of sandstone in the Jumonville #1
logs also validates the use of seismic amplitude anomalies to map distribution of thick reservoir, thus supporting a
one-third increase in the pre-drill reserve estimate. ~ 2 ~ Although the Camerina was a secondary target for the Jumonville # 1 well, the log results point to a potential
commercial accumulation in this section. There are two nearby penetrations of the Camerina within the Bullseye
trap, both with substantial sandstone thickness like the Jumonville #1 and with indications of hydrocarbons. It is
anticipated that the Camerina sand could have up to 2 million BOEs of hydrocarbon resource. Further study will be
required for a more detailed reserve estimate. Cib Haz Exploration Target The successful results to date in the Miogyp confirm the trap integrity of this prospect, which was recognized as the
greatest exploration risk for the Jumonville #1. Demonstration of a working hydrocarbon trap substantially
increases the probability of success for wells in the deeper Cib Haz reservoir, which is another primary target for
exploration wells at the Bullseye prospect. Recently updated internal Company estimates for the Cib Haz in the
Bullseye Project suggest potential reserves of 25 million BOEs, substantially greater than the Miogyp. These
estimates are further supported by the Jumonville #1, which confirmed the seismic definition of reservoir for the
Miogyp; this seismic amplitude-anomaly definition also allows a high-quality mapping of the Cib Haz potential
reservoir. Summary The information to date supports the potential for a significant discovery with indicated net pay across both the
primary Miogyp and secondary Camerina intervals, as well as upgrading the potential for the deeper undrilled Cib
Haz Formation. Golden Gate Petroleum believes the total potential reserves for the Bullseye prospect is close to 40
million barrels of oil equivalent.
The Company is very excited about the large potential of the Bullseye prospect, however it does stress that the
commercial significance of the discovery is yet to be determined and will be a function of a planned production
testing operation over the coming week.
Partners in the Jumonville #1 well* are:
Golden Gate Petroleum Ltd (ASX code: GGP) 43.33% WI
Modena Resources Limited (ASX code: MDA) 15.00% WI
Pantheon Resources PLC 15.00% WI
Eastern Advisors 20.00% WI
Nuenco NL (ASX code: NEO) 6.67% WI
* Working Interests are reflected prior to back-in rights of project vendor. On behalf of the Board of Directors For further information contact: Steve Graves
Managing Director
Phone +1 805 469 4656
Jeff Copley
VP Operations
Phone +1 713 334 0986
The information in this report has been reviewed and signed off by Mr. Jeff Copley, VP Operations (MSc.
Geophysics), with over 30 years relevant experience within oil and gas sector.
Golden Gate is an independent oil and gas exploration and production company listed on the Australian Stock
Exchange. Its focus of operations is onshore Texas and Louisiana Gulf Coast region of the USA.
I wont tell my daughter until the results are out!!! Looks the goods though.
Posting Permissions
- You may not post new threads
- You may not post replies
- You may not post attachments
- You may not edit your posts
-
Forum Rules
|
|
Reply With Quote
Bookmarks