(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 US$3.6 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.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.