MANZANO SHALLOW TO BE COMPLETED AND FLOW TESTED
12 March 2008
Manzano Shallow (ST 991 #1) BNP Turnkey Operator, GGP WI Prospect 35%
The Board of Golden Gate Petroleum is pleased to advise that drilling of the Shallow Manzano prospect has been completed and electric logs indicate two zones that are likely to be productive. Drilling of the well has stopped at a total depth of 11,117 feet (vertical depth). A 7 5/8 inch production liner will be set and the deeper zone (of a net 6 ft) will be perforated and flow tested. A successful test would result in the well been immediately tied into the adjacent sales pipeline and gas sales commencing within two to three weeks.
BNP has drilled the well for the agreed turnkey price of $4.5 million and it will be available to Golden Gate for future deepening to test the Deep Manzano structure. Deepening of the well may commence in October 2008 but is likely to be later as the Company plans to take advantage of the discoveries in the shallow section to increase its sales volumes and build its cash reserves.
To view the full announcement, as well as additional information on the Company, please click on the link below:
http://www.ggpl.com.au
Golden Gate Petroleum est une société de production minière d'or et de pétrole basée en Australie.
Golden Gate Petroleum détient divers projets d'exploration en USA et au Mexique.
Ses principaux projets en exploration sont BULLSEYE en USA et MANZANO au Mexique.