Grand Gulf Energy targeting 1 million barrels of oil with new Louisiana well
Date
9/17/2012 3:00:21 AM
(MENAFN- ProactiveInvestors - Australia) Grand Gulf energy (ASX: GGE) and its partners are preparing to spud the Desiree prospect in Louisiana targeting 1 million barrels of oil in early October.
The Desiree well is updip from and just 270 feet away from the largest producer in the Napoleonville project, which produced 2.3 million barrels and was still producing 100 barrels per day when it was abandoned at low oil prices with split casing.
If successful, Desiree offers long life reserves with initial production rates estimated at between 400 barrels and 800 barrels per day.
Desiree will be drilled to a total depth of 12,550 feet and targets the Cris R II and III intervals as the primary target with potential to hold up to 800,000 barrels of oil. Secondary objectives are the Cris R IV and V intervals that could hold 200,000 barrels of oil and between 15 to 30 billion cubic feet of gas.
Grand Gulf's 35.6% share of costs is estimated at about US$1.1 million out of the total US$3.6 million.
The company has also increased its working interest in the Napoleonville project to 21.9% from 17.5%.
Reprocessing of the time seismic data has been finalised and depth modelling has commenced. This includes building an accurate edge of salt model. Upon finalization of the depth model, several prospects are anticipated including high potential deeper plays. The first prospect, Louise, will target 600,000 barrels of oil.
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