(MENAFN - ProactiveInvestors - Australia) Golden Gate Petroleum (ASX:GGP) has confirmed the Hensarling-1 well oil discovery with electric logs confirming net pay of 49 feet in the Cris R III sands.
This is in addition to the 31 feet of pay in the Cris R II sands in the Desiree prospect in Louisiana.
The Hensarling-1 well is presently running intermediate casing string in preparation for drilling ahead to the next reservoir targets, Cris R IV & V, which have further potential of 200,000 barrels of oil and 15- 30 billion cubic feet of gas.
The well will be drilled to a total depth of 12,550 feet with the total costs of US3.6 million.
Grand Gulf Energy (ASX:GGE), which with 35.60% interest is the operator of the well, estimates that the primary objectives Cris R II and III, have the potential for 600,000-800,000 barrels of oil.
If successful, the project offers long life reserves, with IP's of 400-800 barrels per day.
The Desiree prospect covers an area of 140 acres in Assumption Parish, Louisiana and Golden Gate has 3.99% interest in the Hensarling-1 well.