(MENAFN- ProactiveInvestors - Australia) Grand Gulf Energy (ASX: GGE) is participating in a low risk Louisiana well targeting up to 450,000 barrels of oil.
The S Welsh prospect in Jeff Davis Parish is located about 250 feet high to a well which produced 335,000 barrels of oil and associated condensate.
S Welsh targets the Marg Tex formation and is located within the Welsh Field, which has produced 90 million barrels of oil and 100 billion cubic feet of gas to date.
It is a low cost turnkey normal pressured straight hole well that is estimated to cost $1 million (Grand Gulf share $145,000).
The potential net resources to Grand Gulf are estimated at 45,000 barrels of oil while gross flow rates are estimated at between 200 and 300 barrels of oil per day.
Grand Gulf Energy has a 10.5% working interest in S Welsh.
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