27 Apr 2011drilling progress report● Neutral
Golden Gate Petroleum's release repeating that D&L #3 is drilling at 7,100 ft toward 8,000 ft and nears the M sand. Duplicate of Grand Gulf's 27 April update, showing Golden Gate's 15% interest.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Apr 2011drilling progress report● Neutral
D&L #3 is drilling ahead at 7,100 ft toward 8,000 ft and expects to reach the M sand shortly. No new result yet; the M sand is the key target at GGE's 39.5% interest.
18 Apr 2011drilling spud● Neutral
Golden Gate Petroleum's release repeating that D&L #3 spudded 16 April and is at 1,976 ft. Duplicate of Grand Gulf's announcement, showing Golden Gate's 15% interest.
18 Apr 2011drilling spud▲ GoodMajor
Dugas & Leblanc #3 spudded 16 April 2011 and is at 1,976 ft, heading to 8,000 ft. GGE holds 39.5%. The updip well targets gas in the M, N, Stray and O sands, with the company citing flow potential above 4,000 mcfd.
6 Apr 2011drilling scheduled● Neutral
Golden Gate Petroleum's release repeating Grand Gulf's 6 April news that a rig is secured for D&L #3, spud expected within 10 days. Duplicate, showing Golden Gate's 15% interest.
6 Apr 2011drilling scheduled● Neutral
Rig secured for Dugas & Leblanc #3, expected to spud within 10 days. GGE holds 39.5%. The well is an updip gas target; D&L #2 now makes 115 boe/d with about 395 bbl/d of water, down from 150 boe/d in January.
4 Apr 2011drilling progress report● Neutral
Thibodeaux #1 is drilling ahead at 7,450 ft, which the company says is on time and on budget, with total depth now expected in about 130 days. No new well result. Later replaced at ASX request.
24 Mar 2011drilling spud▲ GoodMajor
Thibodeaux #1 at La Posada spudded 21 March 2011 and was at 2,438 ft, heading to 19,300 ft. GGE holds 4.75% (4.275% after payout) and pays about US$1.175m of initial costs. Targets are 10.3 MMBL and 302 BCF, the company's most likely estimate.
18 Mar 2011drilling scheduled▲ Good
The Thibodeaux #1 rig at La Posada is being moved in and is expected to spud within a week, targeting 10.3 MMBL and 302 BCF to 19,300 ft. GGE holds 4.75% (4.275% after payout), with about US$1.175m initial well cost; drilling is expected to take about 150 days.
11 Nov 2010drilling progress report● Neutral
D&L #2 gravel pack was set after two days of technical delays, pushing flow testing back to 12 November. Production still needs about 5 weeks of pipeline and facilities work.
11 Nov 2010drilling progress report● Neutral
Golden Gate Petroleum's release repeating Grand Gulf's 11 November D&L #2 update: gravel pack set, flow testing delayed to 12 November. Duplicate.
20 Oct 2010drilling result▼ BadMajor
Clifton Lands #1 logs show a small, uneconomic zone and the gas-show zone appears depleted. The well will be temporarily plugged and abandoned, with a possible later test of a deeper Marg Vag interval. Second dry hole in a row after Sager #1; Grand Gulf bears about 60.76% of dry hole costs.
20 Oct 2010drilling result▼ Bad
Golden Gate Petroleum's release repeating Grand Gulf's 20 October result: Clifton Lands #1 uneconomic and to be temporarily plugged and abandoned. Duplicate.
19 Oct 2010drilling progress report● Neutral
Clifton Lands #1 reached 5,150 ft total depth and significant gas shows were seen. Their meaning awaits full logging and, if warranted, production testing.
19 Oct 2010drilling progress report● Neutral
Golden Gate Petroleum's release repeating Grand Gulf's 19 October update: Clifton Lands #1 at 5,150 ft with significant gas shows. Duplicate.
18 Oct 2010drilling progress report● Neutral
Clifton Lands #1 is drilling the new sidetrack below 4,100 ft, expected to finish within a day. Logging follows at total depth.
18 Oct 2010drilling progress report● Neutral
Golden Gate Petroleum's release repeating Grand Gulf's 18 October update: Clifton Lands #1 sidetrack drilling below 4,100 ft. Duplicate.
14 Oct 2010drilling progress report▼ Bad
Clifton Lands #1 hit excess gas and gouge at 4,950 ft. Dating suggests the well is too close to the salt dome and the main target has pinched out. A sidetrack about 200 ft down dip is planned, taking about four days, with no major cost overrun expected.
14 Oct 2010drilling progress report● Neutral
Golden Gate Petroleum's release repeating Grand Gulf's 14 October update: Clifton Lands #1 sidetrack planned after the target pinched out at 4,950 ft. Duplicate.
13 Oct 2010drilling progress report● Neutral
Clifton Lands #1 is drilling at 4,515 ft, ahead of time and budget, with total depth expected within a day. The D&L #1 blowout well has approval to be plugged and abandoned, likely by 17 October, and cleanup of the damaged cane field is under way.
13 Oct 2010drilling progress report● Neutral
Golden Gate Petroleum's re-issue of its 13 October release with an amended header only. Content is the same as before. Duplicate.
13 Oct 2010drilling progress report● Neutral
Golden Gate Petroleum's release repeating Grand Gulf's 13 October update: Clifton Lands #1 at 4,515 ft, and approval to plug D&L #1. Duplicate.
8 Oct 2010drilling spud● NeutralMajor
Clifton Lands #1 (Grand Gulf 46.83%) has spudded, to be drilled to 5,102 ft in about 10 days. It targets 5 BCF and 100,000 barrels, with dry hole cost estimated at US$1.1m.
8 Oct 2010drilling spud● Neutral
Golden Gate Petroleum's release repeating the Clifton Lands #1 spud, giving its own 15% operator interest and 23% dry hole cost share. Duplicate of Grand Gulf's announcement.
6 Oct 2010drilling scheduled● Neutral
Clifton Lands #1 (Grand Gulf 46.83%) is due to spud this week, targeting 5 BCF and 100,000 barrels with a US$1.1m dry hole cost. D&L #2 will be tested when the rig arrives. D&L #3 and Mound II are planned for late 2010 or early 2011.
6 Oct 2010drilling scheduled● Neutral
Golden Gate Petroleum's release repeating Grand Gulf's 6 October program update: Clifton Lands #1 to spud within 1-2 days, D&L #2 testing pending the rig, and D&L #3 and Mound II planned for late 2010 or early 2011. Duplicate.
1 Oct 2010drilling result▼ Bad
Golden Gate Petroleum's release repeating Grand Gulf's 1 October result: Sager #1 logs look wet, the gas zone appears depleted, and the well will be temporarily plugged and abandoned. Duplicate.
1 Oct 2010drilling result▼ BadMajor
Sager #1 is a dry hole: logs show the zones of interest wet, and the gas-show zone appears depleted. The well will be temporarily plugged and abandoned. Grand Gulf bears about 57.15% of the plugging costs. It is the first setback in the post-blowout drilling program.
28 Sept 2010drilling progress report● Neutral
Sager #1 is at 9,585 ft with significant gas shows, but their meaning awaits logging at the 10,100 ft target depth. On D&L #1, 800 ft of casing has been recovered and the well may still become a producer.
28 Sept 2010drilling progress report● Neutral
Golden Gate Petroleum's release repeating Grand Gulf's 28 September update: Sager #1 at 9,585 ft with gas shows, and 800 ft of casing recovered from D&L #1. Duplicate.