(MENAFN- ProactiveInvestors - Australia) Grand Gulf Energy (ASX: GGE) has higher condensate production in its sights after the first well at its Abita project in Plaquemines Parish, Louisiana, was brought on stream.
The well is presently cleaning up and producing 1.3 million cubic feet of gas and 30 barrels of condensate per day.
Liquids production is expected to increase as the gas cap draws down with time.
The producing 19 Sand has been interpreted from Electric Logs and seismic to hold between 200,000 and 400,000 barrels of recoverable oil and is expected to be the most valuable reservoir in the Abita Field.
Flow rates from the 19 Sand in the Coquille Bay field range from 250 and 400 barrels of oil and 500,000 to 800,000 cubic feet of gas per day.
Abita provides upside in the lower 32 Sand, which is yet to be tested with a preâ€drill estimate of 400,000barrels of oil. This sand is a significant producer in the adjacent field.
The joint venture has also determined the field extension potential for another oil and gas accumulation on the same geologic feature in the fault compartment immediately to the northeast.
Objective sands are those found productive in the discovery well and deeper sands produced in Coquille Bay Field to the south. The prospective fault block has similar potential found in the discovery well.
Grand Gulf Energy has a 20% working interest in the project. This reverts to 15% on recovery of all project costs.Â
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