Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Sept 2010drilling progress report● Neutral
Sager #1 is drilling at 7,012 ft, on time and on budget. Tubing retrieval from the blown-out D&L #1 has so far failed, so it may become a producer or be plugged. D&L #2 testing waits for the workover rig.
23 Sept 2010drilling progress report● Neutral
Golden Gate Petroleum's release repeating Grand Gulf's 23 September update: Sager #1 drilling at 7,012 ft; attempts to retrieve tubing from D&L #1 failed so far; D&L #2 testing awaits the rig. Duplicate.
16 Sept 2010drilling spud● Neutral
Golden Gate Petroleum's release repeating the Sager #1 spud on 15 September 2010, giving its own 15.15% interest and cost share. Duplicate of Grand Gulf's announcement.
16 Sept 2010drilling spud● Neutral
Sager #1, a non-operated well in which Grand Gulf holds 39.89%, spudded on 15 September 2010 and should take about two weeks. It targets 300,000 barrels and 1.2 BCF proven undeveloped, with the same again as upside. Grand Gulf's dry hole share is US$650,000.
9 Sept 2010drilling result▲ GoodMajor
Dugas & Leblanc #2, the relief well, reached total depth with over 118 ft of net oil and gas pay across three Big Hum sands. Completion takes about 2 weeks, then testing, with initial rates of 200+ barrels a day hoped for. The company believes the 1.2 MMBO and 3 BCF target is not materially reduced by the blowout.
9 Sept 2010drilling result▲ Good
Golden Gate Petroleum's release repeating the 9 September result: Dugas & Leblanc #2 logged over 118 ft of net pay across three sands, with completion in about 2 weeks then testing. Sager #1 is expected to spud in 10-15 days. Duplicate of Grand Gulf's announcement.
7 Sept 2010drilling progress report● Neutral
Golden Gate Petroleum's release repeating the 7 September update: Dugas & Leblanc #2 is drilling at 8,248 ft towards 8,550 ft, and #1 remains contained with a workover rig due. Duplicate of Grand Gulf's announcement.
30 Aug 2010drilling progress report▲ Good
Golden Gate Petroleum's release repeating Grand Gulf's 30 August update: Dugas & Leblanc #1 can be plugged without the relief well, and Dugas & Leblanc #2 is being redirected as a development well. Duplicate of Grand Gulf's announcement.
30 Aug 2010drilling progress report▲ Good
The operator says Dugas & Leblanc #1 can be plugged and abandoned without needing the relief well. The relief well, Dugas & Leblanc #2, is drilling below 3,800 ft and is being redirected to serve as a replacement development well.
26 Aug 2010drilling progress report▲ Good
Golden Gate Petroleum's release repeating Grand Gulf's 26 August update: the blowout preventer is secured on Dugas & Leblanc #1, which should be able to be plugged and abandoned. Golden Gate expects insurance to most likely cover the costs. Duplicate.
26 Aug 2010drilling progress report▲ GoodMajor
A new blowout preventer and wellhead are secured on Dugas & Leblanc #1, which should now be able to be plugged and abandoned. Grand Gulf's best estimate is that most if not all costs will be covered by insurance. Dugas & Leblanc #2 is planned as a producer.
25 Aug 2010drilling progress report▲ Good
Golden Gate Petroleum's release repeating Grand Gulf's 25 August update: Dugas & Leblanc #1 bridged off and is currently dead, though risk remains until the new wellhead is fitted. Duplicate of Grand Gulf's announcement.
25 Aug 2010drilling progress report▲ Good
Dugas & Leblanc #1 "bridged off" on 23 August, when sand built up and plugged the wellbore, so the well is currently dead. A new wellhead stack is still to be fitted within two days and risk remains. The relief well, Dugas & Leblanc #2, is drilling below 2,000 ft.
24 Aug 2010drilling progress report▼ BadMajor
Grand Gulf sets out cost scenarios for the Dugas & Leblanc #1 blowout: its share could be about US$1.92m if the relief well is needed. A class action has been filed against the operator. A supplementary prospectus will be needed. Underwriters retain a material adverse change right, and loan funds will likely be needed.
23 Aug 2010drilling progress report▼ Bad
Golden Gate Petroleum reports a dual approach on Dugas & Leblanc #1: a top-kill attempt and a relief well that could take up to 2 weeks. Efforts to ignite the well failed because it is now mostly water. A class action has been filed against the operator. Costs are unknown.
16 Aug 2010drilling progress report▼ Bad
Golden Gate Petroleum's release repeating Grand Gulf's 16 August update: a relief well will be drilled with the Sager #1 rig while work continues on the existing Dugas & Leblanc #1 bore. Duplicate of Grand Gulf's announcement.
16 Aug 2010drilling progress report▼ BadMajor
Control of Dugas & Leblanc #1 now follows two tracks: a relief well, using the rig meant for Sager #1, plus work to re-attach a blowout preventer. The relief well should intercept the original bore within about 6 days of starting. This delays the Sager #1 well.
13 Aug 2010drilling progress report▼ Bad
Golden Gate Petroleum's release repeating Grand Gulf's 13 August update on well control preparations, evacuation and insurance at Dugas & Leblanc #1. Duplicate of Grand Gulf's announcement.
13 Aug 2010drilling progress report▼ Bad
Well control crews are moving equipment to Dugas & Leblanc #1, with the site and surrounding area evacuated. Well control insurance is in place. The blowout is not yet controlled.
12 Aug 2010drilling progress report▼ BadMajor
Dugas & Leblanc #1, the July discovery, started flowing oil and gas to the atmosphere after an apparent blowout preventer failure let completion fluid drain. Control is expected within 24 hours and the company says producing capability should not be damaged. Grand Gulf holds 39.5%.
12 Aug 2010drilling progress report▼ Bad
Golden Gate Petroleum's release repeating that Dugas & Leblanc #1 began flowing oil and gas to the atmosphere after an apparent blowout preventer failure. Well control crews are expected to regain control within 24 hours. Duplicate of Grand Gulf's announcement.
2 Aug 2010drilling result▲ Good
Golden Gate Petroleum's release repeating the 2 August update: Dugas & Leblanc #1 deepened to 8,080 ft, over 160 ft of pay across four sands, and oil seen in the mud tank. It holds 15%. Duplicate of Grand Gulf's announcement.
2 Aug 2010drilling result▲ GoodMajor
Dugas & Leblanc #1 was deepened to 8,080 ft and logged a further 28 ft of Operc pay, lifting total pay to over 160 ft across four sands. Oil came to surface in the mud tank during deepening. Testing of the three Big Hum sands starts next.
22 July 2010drilling progress report● Neutral
Golden Gate Petroleum's release repeating Grand Gulf's 22 July update: Dugas & Leblanc #1 will be deepened to look for Operc sands, the three pay zones are Big Hum, and a gas sales deal is being finalised. Well 2 slips to late August.
22 July 2010drilling progress report● Neutral
Dugas & Leblanc #1 is completed to 7,802 ft; the three pay zones are confirmed as Big Hum sands, and the well will be deepened to look for Operc sands before testing. Pipeline access is secured and a gas sales deal is being finalised. Well 2 slips to late August.
9 July 2010drilling result▲ Good
Golden Gate Petroleum's release repeating the 9 July discovery: Dugas & Leblanc #1 logged over 120 ft of net pay across three sands, with completion in about two weeks then testing. It holds 15%. Duplicate of Grand Gulf's announcement.
9 July 2010drilling result▲ GoodMajor
Dugas & Leblanc #1 reached 7,802 ft and logs indicate over 120 ft of net oil and gas pay across three sands, resolving the gas-show question positively. Completion takes about two weeks, then testing. Flow rates are not yet known.
5 July 2010drilling progress report▼ Bad
Golden Gate Petroleum's release repeating the 5 July update on the stuck pipe and sidetrack at Dugas & Leblanc #1, for its 15% interest. It adds only Golden Gate's share of well 2 (US$207k) and well 3 (US$184k) dry-hole costs.
5 July 2010drilling progress report▼ Bad
Drill pipe stuck just below 7,700 ft at Dugas & Leblanc #1 and could not be freed, so a sidetrack from 6,240 ft began, with total depth expected within 3 days. Earlier gas shows are repeated; significance still awaits logging. Grand Gulf holds 39.5%.
1 July 2010drilling progress report● Neutral
Golden Gate Petroleum's release repeating the gas shows at Dugas & Leblanc #1: 4,700 units in the Big Hum and 2,300 units in the Operc, with the well at 7,600 ft. A duplicate of Grand Gulf's announcement.
