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1 July 2008
GAS DISCOVERY - LAPLAYA #2 FLOWS AT 1.3 MMCFD
La Playa #2 (La Playa Prospect), Padre Island, Tx, Golden Gate has 20% WI, BNP is the Operator
The Board of Golden Gate Petroleum (ASX Code: “GGP”) is pleased to announce successful test results from the La
Playa #2 exploration well.
La Playa #2 was drilled in October 2007 and testing has been delayed due to extensive analysis and other well
commitments.
Following the successful test, the well has been tied directly into the sales grid along with GGP’s
other producing wells in the area and has been producing at a rate of more than 1.3 million cubic feet per day of
gas from a perforated 2 ft interval over an extended production testing period.
The current thin producing zone is the lowest of a series of apparent gas productive reservoirs, across a 300 foot
gross interval in the Cib Haz, which is a prolific producing section in the area. This initial production test is very
encouraging, as it upgrades the remaining potential reservoirs higher in the borehole as well as the larger-scale
trap of the prospect.
Above the current producing interval is a potential larger reservoir (~ >30 ft of net gas pay) with low calculated
water saturation and direct indications of gas in the cement bond log. This interval will be tested when the current
zone has been fully produced.
A successful test in this zone would be expected to lead to significantly higher flow
rates.
The Company is carefully evaluating the potential extent of this newly discovered reservoir.
The addition of La Playa #2 presents a high value proposition at current gas prices at $12.50 mcf and hence
significantly improves GGP’s cash flow. GGP has several high impact wells planned over coming months of which
Jumonville #1 is currently drilling.
good to see some promising news. excelent gas flow + high gas prices = better profit.
GAS DISCOVERY - LAPLAYA #2 FLOWS AT 1.3 MMCFD
La Playa #2 (La Playa Prospect), Padre Island, Tx, Golden Gate has 20% WI, BNP is the Operator
The Board of Golden Gate Petroleum (ASX Code: “GGP”) is pleased to announce successful test results from the La
Playa #2 exploration well.
La Playa #2 was drilled in October 2007 and testing has been delayed due to extensive analysis and other well
commitments.
Following the successful test, the well has been tied directly into the sales grid along with GGP’s
other producing wells in the area and has been producing at a rate of more than 1.3 million cubic feet per day of
gas from a perforated 2 ft interval over an extended production testing period.
The current thin producing zone is the lowest of a series of apparent gas productive reservoirs, across a 300 foot
gross interval in the Cib Haz, which is a prolific producing section in the area. This initial production test is very
encouraging, as it upgrades the remaining potential reservoirs higher in the borehole as well as the larger-scale
trap of the prospect.
Above the current producing interval is a potential larger reservoir (~ >30 ft of net gas pay) with low calculated
water saturation and direct indications of gas in the cement bond log. This interval will be tested when the current
zone has been fully produced.
A successful test in this zone would be expected to lead to significantly higher flow
rates.
The Company is carefully evaluating the potential extent of this newly discovered reservoir.
The addition of La Playa #2 presents a high value proposition at current gas prices at $12.50 mcf and hence
significantly improves GGP’s cash flow. GGP has several high impact wells planned over coming months of which
Jumonville #1 is currently drilling.
good to see some promising news. excelent gas flow + high gas prices = better profit.
