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MENAFN - ProactiveInvestors - Australia - 19/11/2012

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(MENAFN - ProactiveInvestors - Australia) Grand Gulf Energy (ASX:GGE) has intersected oil shows at the Desiree prospect in Louisiana, USA.

The Desiree prospect is targeting up to 1 million barrels of oil and 30 billion cubic feet of gas.

The Hensarling #1 well was drilling ahead at 11,933 feet and intersected oil shows over 60-70 feet gross interval. The well is targeting two updip productive intervals and two additional exploration sands.

This well will be drilled to a total depth of 12,550 feet.

The Hensarling #1 well is updip from an initial well which produced 2.3 million barrels of oil and stopped production due to low oil prices, doing 100 barrels of oil per day.

The Desiree Prospect covers an area of 140 acres in Assumption Parish, Louisiana and is being operated by a private US oil and gas company.

Grand Gulf has a 35.6% working interest in the Desiree prospect with its net share of dry hole costs estimated at about US1.1 million.

The total drilling costs are US3.6 million.

 






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