http://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Fri, 20 Jul 2018 01:14:34 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Grand Gulf Energy neighbours Wildhorse Resource's oil and gas territory at Eagle Ford ]]> http://www.proactiveinvestors.com.au/companies/news/190433/grand-gulf-energy-neighbours-wildhorse-resource-s-oil-and-gas-territory-at-eagle-ford-190433.html Grand Gulf Energy Limited’s (ASX:GGE) securing of 881 net acres of prospective oil and gas territory in the high producing Eagle Ford region of Texas resulted in a surge in the company’s share price.

By mid-afternoon the company shares were up 20% to $0.006 under the third-highest daily volumes in the last 12 months.

The acquisition is part of a 50/50 joint venture with an undisclosed Texas-based private oil and gas company.

Weighing up the financial viability

Grand Gulf has spent circa US$550,000 on leasing costs, and management estimates that the joint venture will need to outlay drilling costs of circa US$4.5 million per well.

Depending on the number of wells that are drilled the company expects to farm down its interest in the project to a manageable economic level.

From a risk reward perspective, management noted a number of recent successes in that region.

Recent results continue to outperform previous Eagle Ford type production with more than 80% of current wells featuring premiums to historic estimated ultimate recoveries (EUR).

Wildhorse has new entrants pumped

In the September quarter 2017, US-based Wildhorse Resource Development Corp (NYSE:WRD) brought online 27 Eagle Ford and one Austin Chalk horizontal wells.

Of the 27 Eagle Ford completions, the Jurica/Doughtie wells, delivered strong flows and these are within circa 15 kilometres of the joint venture acreage.

Such as been the excess of Wildhorse that its shares have more than doubled since August, implying a market capitalisation of nearly US$2 billion.

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Tue, 23 Jan 2018 15:20:00 +1100 http://www.proactiveinvestors.com.au/companies/news/190433/grand-gulf-energy-neighbours-wildhorse-resource-s-oil-and-gas-territory-at-eagle-ford-190433.html
<![CDATA[News - Grand Gulf Energy updates on Boleslaw as eyes focus on Alabama ]]> http://www.proactiveinvestors.com.au/companies/news/171433/grand-gulf-energy-updates-on-boleslaw-as-eyes-focus-on-alabama-171433.html The Well spudded on 10 December 2016 and reached a total depth of 1550 metres on 10th January 2017, and intersected the designated objectives, however no commercial recoverable hydrocarbons were indicated.

The well will be plugged and abandoned shortly following petrophysical analysis, and now the partners in the Kolo licence will conduct a detailed post-drill technical review of all relevant well and seismic data to determine the way forward with this large exploration licence.

The Kolo block has additional independent prospectivity including an oil target that has been identified based on the re-interpretation of seismic data using sequence stratigraphy techniques.

GGE has a 20.4% interest in the Kolo Licence which covers 1,150 square kilometres, and partners include Prospex Oil & Gas Plc (LON:PXOG).


Alabama

Moving to the U.S. state of Alabama, GGE has confirmed the presence of untapped oil in the Smak Dixon 31-11 well in the Pleasant Home Field.

The 14 feet interval is 9,849 feet deep and has the potential to recover up to 100,000 barrels of net oil at flow rates of up to 100 barrels of oil per day.

The tool used to log this data also confirmed multiple, thinner, potential zones of interest above the interval that will be evaluated in due course.

The well is presently undergoing cement squeeze operations to isolate the pay zone interval prior to perforating and testing next week.

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Wed, 11 Jan 2017 09:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/171433/grand-gulf-energy-updates-on-boleslaw-as-eyes-focus-on-alabama-171433.html
<![CDATA[News - Grand Gulf Energy logs untapped oil at well in Alabama ]]> http://www.proactiveinvestors.com.au/companies/news/171302/grand-gulf-energy-logs-untapped-oil-at-well-in-alabama-171302.html Grand Gulf Energy (ASX:GGE) has confirmed the presence of untapped oil in the Smak Dixon 31-11 well in Pleasant Home Field located in the U.S. state of Alabama.

The 14 feet interval is 9,849 feet deep and has the potential to recover up to 100,000 barrels of net oil at flow rates of up to 100 barrels of oil per day.

The tool used to log this data also confirmed multiple, thinner, potential zones of interest above the interval that will be evaluated in due course.

The well is presently undergoing cement squeeze operations to isolate the pay zone interval prior to perforating and testing next week.

Grand Gulf has a diversified geographic oil and gas portfolio in the U.S. and Poland with active news flow in both jurisdictions.


Background

Following successful re-completion and production from the Smak Dixon 31-11, the company will undertake a re-completion program in the Smak Dixon 31-6.

The Smak Dixon 31-6 is also anticipated to have up to 100,000 barrels of recoverable oil remaining. 
The Pleasant Home Field in Alabama has produced in excess of 934,000 barrels of oil since 1999 from the 4 wells.

The wells produce from multiple zones and presently have a number of zones that, based on show and log data, are interpreted to be bypassed oil pay and are yet to be completed for production.

Following an evaluation of the recompletion results the company will be better placed to determine whether the field can support additional development drilling.

If so, up to 650,000 barrels of additional oil (gross) may be proven.


Earn-in terms

The contract terms are as follows:

- Grand Gulf will undertake reservoir saturation tool logs and cement bond type logs on 2 wells (Smak Dixon 31-6 and 31-11);
- Following recompletion of the first well the company will have earned a 50% working interest in that well and its facilities and will derive 75% of net revenues until its recompletion costs and entry costs are recovered. In the event the well is uncommercial the company may withdraw from the project with no further obligations;
- Following 60 days of commercial production from the recompletion of the 31-11 the company will issue 19.5 million ordinary fully paid shares to the operator;
- Following recompletion of the second well the company will have earned a 50% working interest in the field and all facilities; and
- Grand Gulf’s committed to funding the initial $350,000 of recompletion costs (including RST and CBL type logs) following which all costs are to be shared 50/50 with the operator. Grand Gulf will have met this obligation following recompletion of the 31-11. In addition, Grand Gulf is liable to pay an entry fee of US$50,000 as a satisfactory review of the 31-11 RST logs has been completed.


Analysis

The U.S. oil assets are an important second frontier to Grand Gulf’s Poland assets, which complete the dual oil and gas strategy.

The untapped oil interval that has been logged is encouraging and the testing that is being planned next week will be highly anticipated by the market.

Grand Gulf Energy recently acquired a 20.4% interest in the Boleslaw gas prospect in central Poland, which has a best estimate unrisked Prospective Resource of 87 billion cubic feet of gas.

The Boleslaw #1 Well was spudded on 11 December 2016 and is presently completing a casing run at 952 metres.

Grand Gulf shares are trading 75% higher at $0.007 compared to six months prior.

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Mon, 09 Jan 2017 14:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/171302/grand-gulf-energy-logs-untapped-oil-at-well-in-alabama-171302.html
<![CDATA[News - Grand Gulf Energy advancing Boleslaw well in central Poland ]]> http://www.proactiveinvestors.com.au/companies/news/171115/grand-gulf-energy-advancing-boleslaw-well-in-central-poland-171115.html The Boleslaw #1 Well was spudded on 11 December 2016 and is presently completing a casing run at 952 metres.

The first target is the Santonian sandstone, which is anticipated to be intersected between 1,050 metres and 1,100 metres.

The second target is the Deep Cretaceous sandstone, which is anticipated to be intersected at 1,400 metres.


Costs

The planned total depth of 1,500 metres and expected to cost A$2.8 million, and the well is presently running on budget.

The entry cost for Grand Gulf which includes its share of drilling is $600,000, which is able to be funded through ample cash reserves.

Poland is strategically located in Europe to provide a ready market for gas at competitive prices.


Kolo Licence

Grand Gulf also has a 20.4% interest in the Kolo Licence which covers 1,150 square kilometres.

The Kolo licence is located in the Lodz Trough within the Polish Central Lowlands, 120 kilometres west from the city of Warsaw.

The region well serviced by oil and gas surface facilities as well as the national electricity grid and sits on major European transport arteries.

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Wed, 04 Jan 2017 09:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/171115/grand-gulf-energy-advancing-boleslaw-well-in-central-poland-171115.html
<![CDATA[Media files - Grand Gulf Energy well placed as drilling advances at Boleslaw well ]]> http://www.proactiveinvestors.com.au/companies/stocktube/6619/grand-gulf-energy-well-placed-as-drilling-advances-at-boleslaw-well-6619.html Thu, 15 Dec 2016 14:41:00 +1100 http://www.proactiveinvestors.com.au/companies/stocktube/6619/grand-gulf-energy-well-placed-as-drilling-advances-at-boleslaw-well-6619.html <![CDATA[News - Grand Gulf Energy acquires interest in 87bcf gas prospect, drilling underway ]]> http://www.proactiveinvestors.com.au/companies/news/170437/grand-gulf-energy-acquires-interest-in-87bcf-gas-prospect-drilling-underway-170437.html Grand Gulf Energy (ASX:GGE) has acquired a 20.4% interest in the Boleslaw gas prospect in central Poland, which has a best estimate unrisked Prospective Resource of 87 billion cubic feet of gas.

The Boleslaw #1 well was spudded earlier this week and is anticipated to take 24 days to drill.

The entry cost for GGE, which includes its share of drilling the 1,500 metre deep well is $600,000, which is able to be funded through ample cash reserves.

GGE will also have a 20.4% interest in the Kolo licence which covers 1,150 square kilometres and hosts the Boleslaw #1 well.

Poland is strategically located in Europe to provide a ready market for gas at competitive prices.


Acquisition structure

The Kolo licence, which hosts the Boleslaw gas prospect, is owned by:

- 49%: Prospex Oil and Gas plc (LON:PXOG);
- 30.6%: Hutton Energy ; and
- 20.4%: Grand Gulf Energy.

Ownership is through equity in the single entity that holds the Kolo licence, which has also applied for the Kolo West licence and Wielun licence.


Boleslaw prospect

The Boleslaw prospect was defined on the Kolo licence following interpretation of 2D seismic data and is targeting the santonian (900 metres depth) and deep cretaceous (1,400 metres depth) sandstones.

The well spud on 11 December 2016 and is expected to take 24 days to drill to a total depth of 1,500 metres.


Kolo licence

The Kolo licence is located in the Lodz Trough within the Polish Central Lowlands, 120 kilometres west from the city of Warsaw, with the region well serviced by oil and gas surface facilities as well as the national electricity grid and sits on major European transport arteries.

The Kolo licence is 1,150 square kilometres in area and is elongated along the strike of the Lodz Trough, a well-known mesozoic sedimentary basin, which is known in Poland by its salt mines and also by important manifestations of oil and gas in shallow water wells.

The joint venture owns 1,400 kilometres of vintage 2D seismic over the license area and shot a further 250 kilometres of 2D proprietary seismic data in 2014.

Recent geological studies and interpretation of geophysical data indicates that the Lodz Trough has the potential to contain commercial oil and gas accumulations at deeper and shallow levels.

It shows similarities with hydrocarbon provinces like the North Sea and the Baltic region.


Analysis

The acquisition of the Kolo licence represents a value-add transaction for GGE.

The London listed joint venture partner, Prospex, which owns 49% of the well has a market cap of circa £6.22 million.

This places a see through indicative value of A$4.37 million for GGE’s 20.4% equity stake.

Given GGE’s market cap is only $5.25 million which includes net cash of circa $2.2 million, this would infer that GGE is undervalued relative to Prospex.

With the spudding of the Boleslaw-1 well, which is targeting an independently assessed 87 billion cubic feet gas prospect, this is an opportune time for stakeholders. 

The operator has planned the well for success and pre-ordered a number of items that would enable the well to go onto a long term test if the drilling results are in line with the pre-drill prognosis.

Further updates on the well's progress are expected to be highly anticipated by the market.

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Wed, 14 Dec 2016 09:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/170437/grand-gulf-energy-acquires-interest-in-87bcf-gas-prospect-drilling-underway-170437.html
<![CDATA[News - Grand Gulf Energy Ltd in trading halt pending acquisition details ]]> http://www.proactiveinvestors.com.au/companies/news/167680/grand-gulf-energy-ltd-in-trading-halt-pending-acquisition-details-167680.html Grand Gulf Energy Ltd (ASX:GGE) has an acquisition on the horizon, with the ASX granting the company a trading halt to prepare details for the market.

The halt will remain in place until the opening of trade on Monday 24th October 2016, or earlier if an announcement is made to the market.

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Thu, 20 Oct 2016 12:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/167680/grand-gulf-energy-ltd-in-trading-halt-pending-acquisition-details-167680.html
<![CDATA[News - Grand Gulf Energy has gas production from Louisiana well ]]> http://www.proactiveinvestors.com.au/companies/news/107294/grand-gulf-energy-has-gas-production-from-louisiana-well-107294.html Grand Gulf Energy (ASX:GGE) has increased its oil and gas production with the Abita well in Louisiana cleaning up and producing 1 million cubic feet of gas and 5 barrels of oil per day.

The company has a 20% working interest in the Abita Project and will report again on this operation once stabilised rates have been achieved.

The gas and oil flow comes from the 17 sand, which is estimated to contain 485.4 million cubic feet of gas and 10,000 barrels of oil.

Following depletion of the 17 Sand the company can move to produce from the 15 Sand.

The 15 Sand is estimated to contain 1.5 billion cubic feet of gas and 30,500 barrels of condensate.

The recompletion that was undertaken on the 17 Sand was structured to enable an easier and cheaper recompletion on the 15 Sand. 


Recent Activity

Grand Gulf Energy recorded revenue of $1.4 million in the March 2015 Quarter on net production of 17,421 barrels of oil and 15.36 million cubic feet of gas.

In January, the company purchased a series of NYMEX WTI put options for 2,400 barrels per month at a strike price of US$49.20 per barrel over the period to June 2015 to mitigate downside price risk.

It also secured in March a series of NYMEX WTT put options for 3,600 barrels per month at a strike price of US$50 per barrel over the period July to December 2015.

The company has also secured leases over the Yellowfin Project in Assumption Parish, Louisiana.

This was developed in house using the company’s proprietary 52 square miles seismic survey and targets Cretaceous Tuscaloosa sands over a 2,000 foot interval on a structural closure covering an area of 8,000 acres.

Yellowfin follows Freeport McMoran’s “Highlander” Jeanerette #1 Discovery to establish sand, pay and significant column height and multi-TCF potential in the new trend.

Freeport’s discovery is reported to host 3 trillion cubic feet with 50,000+ acres under lease and two additional wells permitted in the area.

An initial test well will be drilled to a total depth of 27,900 feet.


Analysis

While the Abita well continues to clean-up, the gross current flow of 1 million cubic feet of gas per day hints at its potential to provide a boost to the company’s oil and gas production.

This could in turn drive cash flow growth.

Grand Gulf Energy had $1.75 million in cash as of 31st March 2015. A payment of US$718,000 is also expected following a court ratifying a settlement.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 22 May 2015 09:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/107294/grand-gulf-energy-has-gas-production-from-louisiana-well-107294.html
<![CDATA[News - Grand Gulf Energy secures Yellowfin gas project in Louisiana ]]> http://www.proactiveinvestors.com.au/companies/news/153392/grand-gulf-energy-secures-yellowfin-gas-project-in-louisiana-61006.html Grand Gulf Energy (ASX:GGE) has secured leases over the Yellowfin Project in Assumption Parish, Louisiana, that has received substantial interest from larger companies.

Yellowfin is a significantly large feature of similar size to the adjacent Freeport McMoran’s (NYSE:FCX) Highlander Jeanerette-1 Discovery.
   
The Freeport McMoran well was recently tested with expanded facilities at 75 million cubic feet of gas per day and nearing finalised facilities prior to sales.

Both Yellowfin and Freeport’ well are characterised by and analogous to the sub-salt, compressional structural style and sand depositional setting as the ultra-deep offshore deep water sub-salt play and discoveries being developed by the major oil companies.

GGE has estimated Yellowfin to host 1.4 trillion cubic feet of gas assuming an average of 2,000ft relief over 5,200 acres.

The location offers significant cost reduction and surface infrastructure to facilitate bringing the project to market.

With success, the project offers long life reserves, high rate deliverability and significant oil and natural gas liquid potential to provide substantial impact on the company.

The prospect is currently being marketed to industry and will likely be operated by a large US Gulf of Mexico oil and gas Company.

It was developed in house using the company’s proprietary 52 square mile 3D seismic survey.

Existing Production

GGE had net production of 18,075 barrels of oil and 18.8 million cubic feet of gas in the December Quarter 2014 from its producing projects.

This generated gross revenue of $1.94 million.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 02 Mar 2015 16:26:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153392/grand-gulf-energy-secures-yellowfin-gas-project-in-louisiana-61006.html
<![CDATA[News - Grand Gulf Energy on track to beat FY2014 revenue of $7.5M ]]> http://www.proactiveinvestors.com.au/companies/news/153391/grand-gulf-energy-on-track-to-beat-fy2014-revenue-of-75m-58653.html Grand Gulf Energy (ASX:GGE) has increased oil production for quarter ended 30 September to 16,667 barrels from 15,392 barrels in the previous quarter.
   
Along with gas production of 21.4 million cubic feet, this delivered gross revenue of A$1.93 million.

This is little change from revenue of A$1.99 million in the previous quarter.

After royalties, production and development costs the company delivered $1.1 million to fund exploration and administration costs for the quarter.


Production Details

The majority of the company’s oil production came from its 35.6% owned Hensarling-1 well in the Desiree Project in Assumption Parish, Louisiana.

Hensarling-1 produced a total of 36,659 barrels of oil during the September quarter at an average rate of about 399 barrels per day.

This well generated net revenue of US$290,000 per month to GGE.

Net Proved Reserves to the company are estimated at 309,000 barrels as at 30 June 2014.

Other producing wells include:

- Dugas & Leblanc-3 (40% WI): This well is presently producing at gross production rates of 100bpd of oil and 585 barrels of water, through a 21/64 inch choke. The D&L-2 well was successfully converted into a salt water disposal which will significantly reduce water disposal costs. During the period, net revenue (after operating costs) averaged about $75,000 per month;

- West Klondike (11.7% WI): The well commenced production on 2 September 2014 and is presently producing about 1.5 million cubic feet of gas and 15 barrels of condensate per day through a 7/64 inch choke from the Lower Nod Blan. Based on current production rate, net revenue (after operating costs) is estimated at about $14,000 per month; and

- Abita (20% WI): The SL 19706-1 well choke was increased to 8/64 and the well is presently producing 1.5MMcf/d and 15bcd. Net revenue is estimated at about $27,000 per month.

The Templet-1 has been suspended and will be converted into a water disposal well for
Hensarling-1 after logs indicated that the well was uneconomic.


Exploration

Grand Gulf Energy has continued building its geological and geophysical database over the September quarter.

This includes the identification and review of a number of new projects on the Napoleonville Dome, some with near term drilling potential.

The reprocessed data is proving to be very beneficial and together with the frequency attribute work a number of new project opportunities have been identified.


Analysis

The strong oil production in the September 2014 quarter is a testament to the quality of Grand Gulf Energy’s Desiree Project targeting the Napoleonville Dome.

Its revenue of A$1.93 million also places the company well on the way towards surpassing its FY2014 revenues of $7.5 million.

Proactive Investors maintains its share price target valuation of $0.035 within 6-12 months.

Grand Gulf Energy had A$2 million in cash at hand as at 30 September 2014.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 03 Nov 2014 16:19:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153391/grand-gulf-energy-on-track-to-beat-fy2014-revenue-of-75m-58653.html
<![CDATA[News - Grand Gulf Energy substantial shareholder boosts stake ]]> http://www.proactiveinvestors.com.au/companies/news/153390/grand-gulf-energy-substantial-shareholder-boosts-stake-58255.html Grand Gulf Energy’s (ASX:GGE) largest shareholder Craig Ian Burton has topped his shareholding to 24.6% from 23.5%.

Between 19 September 2014 and 16 October 2014, Burton and his associated interests bought 8,586,324 shares on market for a total of $81,377, bringing his holding up to 184,060,000 shares.

This follows further on market purchases that he made between 2 May and 19 September.

Grand Gulf Energy reported EBITDA of $3.8 million and net profit of $1.4 million for the financial year ended 30 June 2014 due to the start of production at its 35.6%-owned Hensarling-1 well in the Desiree Field on the Napoleonville Salt Dome.

This compares with its EBITA of $1.2 million and net loss of $2.17 million in FY2013.

Hensarling-1 is currently producing 400 barrels of oil per day and had produced 120,160 barrels in FY2014.

There is news flow ahead with the company reprocessing 3D seismic data to mature up to 3 further drilling targets around the Napoleonville Salt Dome over the next 12 months.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 17 Oct 2014 10:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153390/grand-gulf-energy-substantial-shareholder-boosts-stake-58255.html
<![CDATA[News - Grand Gulf Energy earnings hit $3.8M, funded for growth ]]> http://www.proactiveinvestors.com.au/companies/news/153389/grand-gulf-energy-earnings-hit-38m-funded-for-growth-57545.html Grand Gulf Energy’s (ASX:GGE) Louisiana Gulf Coast oil and gas production assets have proven their worth, allowing it to report EBITDA of $3.8 million and net profit of $1.4 million for the financial year ended 30 June 2014.

This compares with its EBITA of $1.2 million and net loss of $2.17 million in FY2013 due to the start of production at its 35.6%-owned Hensarling-1 well in the Desiree Field on the Napoleonville Salt Dome.
   
Hensarling-1 is currently producing 400 barrels of oil per day and had produced 120,160 barrels in FY2014.

Annual revenues were up 114% to $7.5 million.

In addition, the company has reduced its debt position to $174,000 from $629,000 and increased its cash position to $1.8 million from $1 million.

Future Work

Grand Gulf is ramping up work on the Napoleonville Salt Dome and elsewhere with the aim of accelerating the number of self-funded wells that it participates in through the coming year and beyond.

Reprocessing of 3D seismic data is underway and is expected to mature up to 3 further drilling targets around the Napoleonville Salt Dome over the next 12 months.
   
Given the success of the Hensarling-1 well, the Salt Dome represents an excellent risk to reward proposition that is backed up by high quality seismic and an experienced Geology and Geophysics team.

The Abita field was recompleted in the upper 18 sand in June 2014 and production is presently stable with the well sustainably producing at 1 million cubic feet of gas and 8 barrels of condensate per day.

Subsequent to year-end, the Wilbert Sons LLC-1 well in the West Klondike project was put into production at an initial rate of 1.4 million cubic feet of gas per day.

This is expected to slowly increase to about 2MMcfd as the well cleans up and stabilises.

Grand Gulf is currently producing about 188 barrels of oil equivalent per day.

Analysis

The EBITDA of $3.8 million and net profit of $1.4 million for FY14 are a testament to the earnings ability of Grand Gulf Energy’s Louisiana Gulf Coast assets, particularly the Desiree Field on the Napoleonville Salt Dome.

Importantly, net cash inflows from operating activities increased 122% to $3,643,536 at June 30.

The company is generating US$385,000 in monthly revenue net of operating costs that will be deployed into drilling programs.
   
This ensures that it is funded for work to further increase production.

Indeed, reprocessing of 3D seismic is already underway to mature up to 3 further drilling targets around the Napoleonville Salt Dome over the next 12 months.

This will also accelerate the number of self-funded wells that it participates in through the coming year and beyond.

Taken together, Grand Gulf looks set to build on its revenues of $7.5 million in FY2014.

Proactive Investors maintains its share price target valuation of $0.035 within 6-9 months.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 12 Sep 2014 12:37:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153389/grand-gulf-energy-earnings-hit-38m-funded-for-growth-57545.html
<![CDATA[News - Grand Gulf Energy starts gas production from Louisiana well ]]> http://www.proactiveinvestors.com.au/companies/news/153388/grand-gulf-energy-starts-gas-production-from-louisiana-well-57365.html Grand Gulf Energy (ASX:GGE) has been advised that the Wilbert Sons LLC-1 well in the West Klondike project in Louisiana is currently producing 1.4 million cubic feet of gas per day.

Production from the Lower Nod Blan sand started on 2 September and is expected to slowly increase as the well cleans up and stabilises.

Grand Gulf has a 11.7% working interest in Wilbert Sons, which was spudded on 22 November 2012 and reached a total depth of 10,900ft on 13th December 2012.

Besides the deepest Lower Nod Blan sand, which has 35 feet of net pay with good porosity and is currently producing gas, the well also intersected the Upper Nod Blan sand and the Lario sand.

The Upper Nod Blan has 6 feet of net pay with good porosity while the Lario has 4 feet of apparently tight oil pay.

At the Louise project, Grand Gulf’ Templet-1 well is currently circulating after wireline logs in the Cris R II, III and IV sands were completed.

Logs had indicated that all three zones are wet while the primary objective Cris IV sand, which was intersected 244 feet updip from the Simineaux-1 well, appears to have already been swept.

The joint venture is currently reviewing log and seismic data to determine whether there may be an opportunity to side track the well and gain an additional 200 feet of structure relief or target an untouched compartment.

Templet-1 is presently running about $1 million under budget.

Grand Gulf has a 22.57% working interest in Templet-1.

Analysis

The start of gas production from the Wilbert Sons LLC-1 well in the West Klondike project adds to the production the company has interests in at the Desiree and Dugas & Leblanc projects.

This is value accretive and should build on the revenues of $7.5 million and net profit before tax, impairment and amortisation of $3.5 million it reported in the financial year ended 30 June 2014.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 04 Sep 2014 16:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153388/grand-gulf-energy-starts-gas-production-from-louisiana-well-57365.html
<![CDATA[News - Grand Gulf Energy hits oil and gas at Louisiana oil well ]]> http://www.proactiveinvestors.com.au/companies/news/153387/grand-gulf-energy-hits-oil-and-gas-at-louisiana-oil-well-57197.html Grand Gulf Energy (ASX:GGE) has intersected oil and gas shows at its Templet-1 well at the Louise Prospect on the Napoleonville Salt Dome in Louisiana that targets between 600,000 to 800,000 barrels of oil.

The shows were encountered in the secondary objective Cris R II and III sands.

In addition, mud logs have indicated the well is running 40 fee to 50 feet higher than anticipated with the primary objective Cris R IV sand expected to be intersected about 300 feet below Cris R III.

The show in Cris R II was relatively weak with sample fluorescence of 10% but with little additional gas in the mud.

Meanwhile, the show in Cris R III is indicative of oil and comprises sample fluorescence at 50% accompanied by a significant increase in the mud.

Templet-1 is expected to penetrate an accumulation of oil in a 3D-defined, normally pressured block, updip from a productive well where an equivalent target interval has produced 2.2 million barrels of oil and 10.5 billion cubic feet of gas.

The well is targeting 600,000 to 800,000 barrels of oil.

Grand Gulf has a 22.57% working interest and will be paying 19.26% of the dry hole well costs.

Proactive Investors has forecast a 6-9 month price target of $0.035 per share based on success at Templet-1. Further success at the Napoleonville Salt Dome will add additional upside to the Grand Gulf Energy share price in 2015.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 27 Aug 2014 17:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153387/grand-gulf-energy-hits-oil-and-gas-at-louisiana-oil-well-57197.html
<![CDATA[News - Grand Gulf Energy to intersect primary target at Louisiana oil well ]]> http://www.proactiveinvestors.com.au/companies/news/153386/grand-gulf-energy-to-intersect-primary-target-at-louisiana-oil-well-57122.html Grand Gulf Energy’s (ASX:GGE) is close to intersecting the primary objective at its Templet-1 well at the Louise Prospect on the Napoleonville Salt Dome in Louisiana that targets between 600,000 to 800,000 barrels of oil.
   
The well is currently drilling ahead at 10,800 feet, close to the primary objective Cris R IV sand at 11,660 feet.

Secondary objectives exist in the Cris R Lime, Cris R II, Cris R III, Cris R V and Cris R VI with the planned total depth of 13,000 feet.

Based on the current drilling rate, Templet-1 is expected to reach total depth in about six days following which electric logs will be run.

Templet-1 is expected to penetrate an accumulation of oil in a 3D-defined, normally pressured block, updip from a productive well where an equivalent target interval has produced 2.2 million barrels of oil and 10.5 billion cubic feet of gas.

The prospect follows the same style as Desiree, located to the immediate south and was developed using GGE's inhouse geological and geophysical team.

Grand Gulf has a 22.57% working interest and will be paying 19.26% of the dry hole well costs.

Proactive Investors has forecast a 6-9 month price target of $0.035 per share based on success at Templet-1. Further success at the Napoleonville Salt Dome will add additional upside to the Grand Gulf Energy share price in 2015.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 25 Aug 2014 11:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153386/grand-gulf-energy-to-intersect-primary-target-at-louisiana-oil-well-57122.html
<![CDATA[News - Grand Gulf Energy's shares jump 27% on high volume ]]> http://www.proactiveinvestors.com.au/companies/news/153385/grand-gulf-energys-shares-jump-27-on-high-volume-57067.html Grand Gulf Energy's (ASX:GGE) shares closed 27.3% firmer yesterday at $0.014, with the 6.6 million shares traded being the busiest day for six-months.

The company has been reporting impressive gains from its U.S. based oil and gas operations.

Yesterday Proactive Investors Australia published the research note:


Grand Gulf Energy to earn $3.5M profit as oil output soars


The company has already announced that net profit for 2013/2014 is expected to be around $3.5 million before tax, impairment and amortisation is taken into account.

Working capital has increased to $3 million without incurring debt or raising capital.

This with existing cash flow will allow drilling and development of up to 3 wells to proceed over the coming 12 months without a call for a fresh capital raise


Price target

Proactive Investors assigns this median valuation to Grand Gulf Energy which is currently producing 188 BOEPD for a projected valuation of $15.3 million or $0.023 per share (including cash).

Success at Templet #1 could boost daily output to ~300 BOEPD and potentially boosts our 6-9 month valuation target to $26.2 million or $0.035 per share (including cash).

On a net earnings basis, Grand Gulf Energy can also be valued on an EPS basis. On this metric, the company is as equally under-valued by a factor of three at current share price.

The company has not raised any equity over the last three years and has nil debt. Has Grand Gulf Energy slipped under investor radars?

Our contention is a very big yes.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 21 Aug 2014 10:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153385/grand-gulf-energys-shares-jump-27-on-high-volume-57067.html
<![CDATA[News - Grand Gulf Energy to earn $3.5M profit as oil output soars ]]> http://www.proactiveinvestors.com.au/companies/news/153384/grand-gulf-energy-to-earn-35m-profit-as-oil-output-soars-56994.html Grand Gulf Energy Ltd (ASX:GGE) is reporting impressive gains from its U.S. based oil and gas operations.

This includes a 99.3% increase in annual production to 62,377 barrels of oil, along with 108.734 Mcf of gas and boosted annual revenues for 2013/2014 by 115% to $7.5 million.

The Company has already announced that net profit for 2013/2014 is expected to be around $3.5 million before tax, impairment and amortisation is taken into account.

Working capital has increased to $3 million without incurring debt or raising capital.

This with existing cash flow will allow drilling and development of up to 3 wells to proceed over the coming 12 months without a call for a fresh capital raise.

The Company has not raised any equity over the last 3 years and has nil debt.

Grand Gulf Energy is currently producing ~188 barrels of oil equivalent per day and generating around US$385,000 in monthly revenue (net of operating costs) that will be deployed into drilling programmes. This includes the drilling of the Templet #1 well at the Louise Prospect on the Napoleonville Salt Dome in Louisiana.  

Templet #1 is a low risk play that has potential to produce around 400 barrels of oil per day, and potentially net Grand Gulf Energy around 86 barrels per day of additional oil production.

Templet #1 is aiming to increase Total net recoverable oil reserves to the Company to 466,000 – 516,000 barrels of oil from its Louisiana assets. 

Success at Templet #1 and commencement of production at West Klondike (imminent) could see monthly revenues increase by up to 50% to US$600,000 per month, and boost net operational cashflow to A$7.8 million. 

The Company employs a highly skilled technical team based in Houston that is maturing an additional 3 high value prospects at the Napoleonville Salt Dome. These targets will be drilled over the next 12 months. 

Proactive Investors forecast a 6-9 month price target of $0.035 per share based on success at Templet #1 (see Analysis and Valuation). Further success at the Napoleonville Salt Dome will add additional upside to the Grand Gulf Energy share price in 2015.

 

ASX Code: GGE
Recommendation: Speculative Buy
Sector: Energy

Share Price: $0.010
52 Week -: High: $0.016/Low: $0.003
Issued Ordinary Shares: 748.0M
Options: NIL
Net Working Capital: $3M

Market Cap: A$7.5M
Enterprise Value: $3.5M

 

BACKGROUND – UNITED STATES OIL AND GAS INTERESTS

Grand Gulf Energy Ltd (ASX:GGE) is an ASX listed energy development company that is focused on oil and gas assets located in state of Louisiana, United States.   Louisiana is a Gulf State that sits at the epicenter of the U.S. oil and gas industry that provides multiple opportunities for operators to fast track oil and gas production at lower cost via stablished infrastructure pathways.  

Grand Gulf Energy maintains a strong board and management team based in Perth, Western Australian and Houston, Texas, USA. 

Charles Morgan who serves as Executive Chairman owns 20.2% of the Company and oversees a Company that is profitable, and maintains a low management spend. He founded Hercules Energy, Wildhorse Energy, Matra, Elixir Petroleum, Golden Triangle, Nido Petroleum, West Oil and Fusion Oil & Gas. 

Largest shareholder is Craig Ian Burton with a 22.4% interest who is a solicitor and principal of Verona Capital of Perth. Craig founded Panoramic Resources, Albidon, Energy Ventures and Mirabela Nickel, and serves on the board of a number of ASX listed entities.     

The Company has made 5 discoveries since 2011, and currently operates 4 wells that produce 188 barrel of oil equivalents per day that is made up of 97% oil and 3% natural gas net to the Company. The 5th discovery known as La Posada was sold for $7.5 million in 2011/2012. 

 

LOUISIANA OIL AND GAS ASSETS 

MAP ONE: OIL AND GAS ASSETS IN LOUISIANA AND PROXIMITY OF OPERATIONS OFFICE IN HOUSTON

 

Oil and gas assets owned by Grand Gulf Energy that are currently in production include:

NAPOLEONVILLE DOME, DESIREE PROJECT, ASSUMPTION PARISH, LOUISIANA

The Company maintains a 35.6% non-operator interest at Desiree. 

The Hensarling #1 well commenced production on 3rd of July 2013, and is producing at around 400 barrels of oil per day, and has been placed on a jet pump to maintain production. Post drill Gross Prospect Reserves are estimated at 952,000 barrels of oil in the Cris R II, and Cris R III formations. 

Production is sourced from the thicker Cris R III formation and is generating revenues of US$265,000 – US$295,000 per month (after royalties and operative costs), or US$3.2 million to US$3.54 million per year. 

Production will continue through a 25/64 inch choke until depletion takes place, or water production becomes excessive, and will then switch to the thinner Cris R II formation. 

NAPOLEONVILLE DOME, DUGAS & LEBLANC PROJECT, ASSUMPTION PARISH, LOUISIANA

The Company maintains a 40% non-operator working interest at Dugas & Leblanc.

The Dugas and Leblanc #3 well was placed on a jet pump in December of 2013 and produces 85 barrels of oil per day, and 332 barrels of water per day from a 21/64 inch choke.  The well is currently delivering US$75,000 per month to Grand Gulf Energy after deduction of royalties and operating costs.  The Company is presently working on a water disposal well which will lower production costs net to the Company by ~US$10,000 per month.

Gross Proven behind Pipe reserves as at 31st December 2013 were estimated at 63,000 barrels of oil, and 178.8 MMcf / 178,800,000 cubic feet of gas.  The prospect has potential for a further 10-15 MMcf / 10-15 billion cubic feet of gas updip of the Dugas & Leblanc #3 well.

 

DIAGRAM ONE: DUGAS & LEBLANC #3 WELL ILLUSTRATING OIL (GREEN) AND GAS (RED) POTENTIAL

 

ABITA PROJECT, PLAQUEMINES PARISH, LOUISIANA 

The Company owns a 20% non-operator working interest that reduces to 15% after payout.

The field is operated by Clayton Williams and placed the Abita well into production on the 18th of March 2012. Abita has been recompleted in the upper 18 sands, and is presently producing ~1 mmcfd of gas and 10 barrels of oil per day through a 7/64 inch choke. 

The upper 18 sands are likely to contain 400 MMcf / 400,000,000 cubic feet of gas and 8,000 barrels of oil. At 31st December 2013 the Proved Developed behind Pipe Reserves for Abita were estimated at 2.397 MMcf / 2,397,000,000 cubic feet of gas. 

WEST KLONDIKE PROJECT, IBERVILLE PARISH, LOUISIANA

The Company maintains an 11.71% non-operator working interest at West Klondike, with a 1.2% of that interest reverting to the original owner following a 400% recovery of the associated incremental cost incurred for development of the Wilbert Sons LLC #1 well. 

Production from the Wilbert Sons LLC #1 well is expected to commence in September 2014 after test flowing at rates above 2 MMcfpd / 2,000,000 cubic feet per day of gas with some associated condensate from the lower Nod Blan formation.  

Electric logs indicate the presence of hydrocarbons in 3 reservoir horizons. These include the Lario sand with 4 feet of net pay but with 18 – 20% tight porosity, upper Nod Blan sand with 6 feet of net pay of gas and condensate with good porosity, and the lower Nod Blan sand with 35 feet of net pay of oil and gas with good porosity. 

 

CURRENT OIL AND GAS PRODUCTION PROFILE – NET TO Grand Gulf Energy

- Desiree Prospect 142 barrels of oil equivalent per day for ~US$290,000 per month

- Dugas & Leblanc Prospect 34 barrels of oil equivalent per day for ~US$75,000 per month

- Abita Prospect 12 barrels of oil equivalent per day, production  and revenue to be advised 

- West Klondike undergoing completion, production and revenue to be advised

Total net production for June quarter of 2014 was 15,392 barrels of oil and 27.574 MMcf / 27,574,000 cubic feet of gas for gross revenue of A$2 million. Abita and West Klondike will add oil and gas revenues of ~US$35,000 per month for a monthly net operating cash flow of ~US$400,000 going forward from all four wells.  Daily production is currently running at ~188 barrels of oil equivalent per day.

 

CURRENT OIL AND GAS RESERVES - NET TO Grand Gulf Energy

- Desiree Prospect – Hensarling #1 well 296,000 barrels of oil

- Dugas & Leblanc Prospect – Douglas and Leblanc #3 well 30,000 barrels of oil and  100 MMCF / 100,000,000 cubic feet of gas

- Abita Prospect – Abita well 10,000 barrels of oil and 560 MMCF / 560,000,000 cubic feet of gas

- West Klondike Prospect – Wilbert Sons LLC #1 well resources to be advised

Total net recoverable oil resources are 336,000 barrels of oil and 660 MCF / 660,000,000 cubic feet of gas. 

 

EXPLORATION ASSETS – NEAR TERM DEVELOPMENT AND PRODUCTION OPPORTUNITIES

NAPOLEONVILLE SALT DOME - LOUISE PROSPECT, ASSUMPTION PARISH, LOUISIANA – TEMPLET #1 WELL

The Company has secured a 22.57% non-operator interest and is paying 19.26% of the dry well costs to drill Templet #1. The Energy Drilling rig spudded the well on 10 August 2014 and is presently drilling ahead for a 45 day well.

MAP TWO: NAPOLEONVILLE SALT DOME

 

MAP THREE: MORE DETAILED VIEW OF SETTING FOR THE NAPOLEONVILLE SALT DOME

 

The location for Templet #1 was matured by using proprietary data developed by the Company’s in-house Geological and Geophysical team. Templet #1 follows in the same style as the Desiree Project / Hensarling #1 well (also generated inhouse) that is currently producing around 400 barrels of oil per day, and is located immediately to the south of that discovery.

The well is expected to penetrate an accumulation of oil in a 3D defined, normally pressured block that is updip from an equivalent sized prospect that was drilled earlier by another entity and produced a total of 2.2 million barrels of oil and 10.5 billion cubic feet of gas. 

Templet #1 is considered to be a low risk play in terms of drilling operations and geological and geophysical perspective. The conceptual target is estimated to contain 600,000 to 800,000 barrels of oil and may net Grand Gulf Energy around 86 barrels of oil per day or ~US$200,000 per month in free cash flow. 

The Company has secured the services of Scott Sechrist who is an experienced Gulf Coast geophysicist. Reprocessing of 3D seismic data is underway and is expected to mature up to 3 further drilling targets around the Napoleonville Salt Dome over the next 12 months. 

The Salt Dome represents an excellent risk to reward proposition that is backed up by high quality seismic and an experienced Geology and Geophysics team. 

 

REVENUE GROWTH AND PROFITABILITY ACCELERATES SHARPLY OVER 2013/2014

Grand Gulf Energy is reporting a sharp acceleration in oil and gas production, along with revenue growth and profitability. This is evident from data generated over the last three financial years:

- 2011/2012 financial year produced 29,635 barrels of oil and 191.609 Mcf of gas for annualised revenue of $3.73 million and profit of $3.65 million (including sale of La Posada for $5.64 million)

- 2012/2013 financial year produced 31,324 barrels of oil and 97.734 Mcf of gas for annualised revenue of $3.49 million, and loss of $2.18 million

- 2013/2014 financial year produced 62,377 barrels of oil and 108.289 Mcf of gas for annualised revenue of $7.5 million and a profit before tax, amortisation and depletion of $3.5 million

- Oil production over the 2012/13 and 2013/14 financial years increased by 99.3% 

- Gas production over the 2012/13 and 2013/14 financial years increased by 10.6%

- Revenue over the 2012/13 and 2013/14 financial years increased by 100%

- Cash over the 2012/13 and 2013/14 financial years increased from $1.0 million to $1.8 million for an increase of 80% and has net working capital of $3 million

 

U.S. OIL AND GAS MARKET 

GRAPH ONE: U.S. Energy INFORMATION ADMINISTRATION SHORT TERM OIL PROJECTIONS THROUGH 2015

 

GRAPH TWO: U.S. ENERGY INFORMATION ADMINISTRATION SHORT TERM NATURAL GAS PROJECTIONS THROUGH 2015

The STEO (EIA short term forecast) is indicating buoyant pricing for both West Texas Intermediate crude and for Henry Hub gas pricing which will underpin growth plans for Grand Gulf Energy.  Grand Gulf Energy price is determined by a premium to WTI and closely aligns with Brent Prices.

 

CATALYSTS FOR NEAR VALUATION GROWTH – NEXT 12 MONTHS

- Drilling of Louise Prospect / Templet #1 well to commence in August of 2014

- Commencement of production from West Klondike in September of 2014

- Abita well recompletion has recently been carried out with the well producing at a sustained 1mmcfd and 8 bbls of condensate per day

- Free cash flow is forecast to increase from US$400,000 to $600,000 per month if Templet #1 is successful with commencement of production in December quarter of 2014. This equates to an annualised free cash flow of $7.2 million and underwrites Napoleonville  drilling programme

- Generation and drilling of 3 wells on the Napoleonville Salt Dome over the next 12 months 

 

ANALYSIS & VALUATION 

Grand Gulf Energy Ltd is currently capitalised at $7.5 million, has net working capital of $3 million and carries an Enterprise Valuation “EV” of $3.5 million.  This EV implies a production value of only $18,617 per BOEPD for predominately oil producing assets.

A relevant peer group comparison can be made via EV / current daily production of ASX listed entities that are developing and producing oil and gas solely within the United States and include:

- Titan Energy Ltd (ASX:TTE) is producing 31 BOEPD and carries an EV of $4.5 million for an EV/ daily production value of $145,161.30 per BOEPD

- Pryme Energy (ASX: PYM) is producing 67 BOEPD and carries an EV of $3.0 million for an EV/daily production value of $44,776.12 per BOEPD 

- Target Energy  (ASX:TEX) is producing 334 BOEPD and carries an EV of $13.8 million for an EV/daily production value of $41,317.37 per BOEPD

- Samson Oil & Gas (ASX:SSN) is producing 595 BOEPD and carries an EV of $38.9 million for an EV/ daily production value of $65,378 per BOEPD

- Austex Oil (ASX: AOK) is producing 1,273 BOEPD and carries an EV of $139 million  for an EV/daily production value of $109,190.89 per BOEPD

U.S. peer group comparisons for EV/ daily production carry much richer valuations that include Torchlight Energy Resources (NASDAQ: TRCH) which carries an EV of US$75 million and produces 250 BOEPD for an EV/daily production value of A$315,000 per BOEPD.

The median EV/ daily production valuation for our peer group of Australian explorer developers is at $81,164.74 per BOEPD.

Proactive Investors assigns this median valuation to Grand Gulf Energy which is currently producing 188 BOEPD for a projected valuation of $15.3 million or $0.023 per share (including cash). 

Success at Templet #1 could boost daily output to ~300 BOEPD and potentially boosts our 6-9 month valuation target to $26.2 million or $0.035 per share (including cash).

On a net earnings basis, Grand Gulf Energy can also be valued on an EPS basis. On this metric, the company is as equally under-valued by a factor of three at current share price.

The Company has not raised any equity over the last three years and has nil debt. Has Grand Gulf Energy slipped under investor radars?

Our contention is a very big yes.

 

Disclaimer You understand and agree that no content published constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.
The contributors make every effort to ensure that the information and material contained in this report is accurate and correct and has been obtained from reliable sources. However, no representation is made about the accuracy or completeness of the information and material and it should not be relied upon as a substitute for the exercise of independent judgment. Proactive Investors received a fee for this work.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 20 Aug 2014 08:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153384/grand-gulf-energy-to-earn-35m-profit-as-oil-output-soars-56994.html
<![CDATA[News - Grand Gulf Energy continues drilling of Louisiana oil well ]]> http://www.proactiveinvestors.com.au/companies/news/153383/grand-gulf-energy-continues-drilling-of-louisiana-oil-well-57021.html Grand Gulf Energy (ASX:GGE) is drilling ahead at its Templet-1 well in Louisiana that targets between 600,000 to 800,000 barrels of oil in an updip segment of a proven oil bearing compartment.

The well in the Louise Prospect on the Napoleonville Dome is presently a t depth of 7,812 feet and is expected to take a further 35 days to reach total depth.

Templet-1 is expected to penetrate an accumulation of oil in a 3D-defined, normally pressured block, updip from a productive well where an equivalent target interval has produced 2.2 million barrels of oil and 10.5 billion cubic feet of gas.

The prospect follows the same style as Desiree, located to the immediate south and was developed using GGE's inhouse geological and geophysical team.

Grand Gulf has a 22.57% working interest and will be paying 19.26% of the dry hole well costs.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 19 Aug 2014 13:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153383/grand-gulf-energy-continues-drilling-of-louisiana-oil-well-57021.html
<![CDATA[News - Grand Gulf Energy targets more oil production with Louisiana well ]]> http://www.proactiveinvestors.com.au/companies/news/153382/grand-gulf-energy-targets-more-oil-production-with-louisiana-well-56866.html Grand Gulf Energy (ASX:GGE) has spudded the Templet-1 well in Louisiana that targets between 600,000 to 800,000 barrels of oil in an updip segment of a proven oil bearing compartment.

The well is presently drilling ahead at 374 feet and is anticipated to take 45 days to drill to total depth.

Templet-1 is located on the Louise Prospect in Napoleonville Dome. Grand Gulf owns a 22.57% working interest and will be paying 19.26% of the dry hole well costs.

It is expected to penetrate an accumulation of oil in a 3D-defined, normally pressured block, updip from a productive well where an equivalent target interval has produced 2.2 million barrels of oil and 10.5 billion cubic feet of gas.

The prospect follows the same style as Desiree, located to the immediate south and was developed using GGE's inhouse geological and geophysical team.

The well is considered low risk both from drilling operations and geological/geophysical perspectives.

Current Operations

The company currently produces 188 barrels of oil equivalent per day from its Desiree, D&L and Abita projects with net production of 15,392 barrels of oil and 27.57 million cubic feet of gas in the quarter ended 30 June 2014.

Installation of production facilities are progressing well at West Klondike, which tested at flow rates above 2 million cubic feet of gas per day and associated condensate.

All facilities and tie in are complete, however, due to third party pipeline problems production will only commence in September 2014.

Analysis

The current drilling at Louise could deliver substantially increased production and market interest.

Grand Gulf Energy's existing producing oil and gas assets are profitable, generating monthly net operating cash flow of about US$400,000.

Its exploration and development program for 2014/15 is fully funded is another positive when taken against its low market cap of circa $7 million.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 12 Aug 2014 13:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153382/grand-gulf-energy-targets-more-oil-production-with-louisiana-well-56866.html
<![CDATA[News - Grand Gulf Energy pumps up oil and gas in Louisiana ]]> http://www.proactiveinvestors.com.au/companies/news/153381/grand-gulf-energy-pumps-up-oil-and-gas-in-louisiana-55983.html Grand Gulf Energy’s (ASX:GGE) strategy of targeting conventional high impact oil and gas projects in the U.S. Gulf Coast appears to have paid off with the company generating monthly revenue of US$400,000.

This is expected to result in the company reporting 2014 net profit of $3.5 million, which compares well with its current market cap of circa $6 million.

Notably, its monthly revenue and working capital of $3 million allows it to be fully funded for its 2014/15 exploration and development program.

The company is currently targeting net recoverable reserves of 466,000 to 516,000 barrels oil in its current portfolio.

This is focused on the Napoleonville Dome where it has made two discoveries though limited drilling has been carried out since 3D seismic was acquired.

Forward Plan

Grand Gulf is preparing to drill the Templet-1 well at the Louise prospect (GGE:22.57%) in Louisiana, which host an estimate net resource of 130,000 to 180,000bbl of oil.

This prospect was developed using proprietary 3D seismic data.

It follows the same style as the producing Desiree Prospect and is located to the immediate south.

Templet-1 is expected to penetrate an accumulation of oil in a 3D-defined, normally pressured block updip from a productive well where an equivalent target interval has produced 2.2 million barrels of oil and 10.5 billion cubic feet of gas.

The rig is expected to be on the Templet-1 location before the end of July 2014.

Further targets have also been identified at Napoleonville, providing further exploration upside.

Current Operations

The company currently produces 192 barrels of oil equivalent per day from its Desiree, D&L and Abita projects.

Of these, re-completion of the Abita well in the upper 18 sands has been completed.

The upper 18 sands are likely to contain gross resources of 400 million cubic feet of gas and 8,000 bbls of oil and are expected to increase the company’s cashflow by $25,000 per month.

Installation of production facilities are progressing well at West Klondike, which tested at flow rates above 2 million cubic feet of gas per day and associated condensate.

Production is expected to begin by the end of July.

The company has a 11.7% interest in West Klondike and 20% in Abita.

Analysis

Grand Gulf Energy has much going for it given that its producing oil and gas assets are profitable, generating monthly revenue of about US$400,000.

This is expected to result in full-year 2014 revenue of about $7 million, double the $3.5 million it made in 2013, as well as net profit before tax, impairment and amortisation is expected of about $3.5 million.

That its exploration and development program for 2014/15 is fully funded is another positive when taken against its low market cap of circa $8 million.

Production is poised to grow further with the re-completion of the Abita well in the upper 18 sands finished, output from the West Klondike project and drilling of the Louise Prospect.

Drilling will commence in a few weeks (Louise) providing a discernable price catalyst.

This one looks set for take off given potential upside from an active 2014/15 program.  Grand Gulf is primed.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 15 Jul 2014 12:33:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153381/grand-gulf-energy-pumps-up-oil-and-gas-in-louisiana-55983.html
<![CDATA[News - Grand Gulf Energy on the road to higher oil and gas production ]]> http://www.proactiveinvestors.com.au/companies/news/153380/grand-gulf-energy-on-the-road-to-higher-oil-and-gas-production-56213.html Grand Gulf Energy (ASX:GGE) is well on the path towards increasing its oil and gas production in Louisiana with progress made on a number of prospects.

The company has finalised its position in the Louise prospect where the Templet-1 well is targeting 600,000 to 800,000 barrels of oil in an updip segment of a proven oil bearing compartment.

It has a 22.57% working interest in Louise and will pay 19.26% of the dry hole well costs.

The rig is expected to be on the Templet-1 location before the end of July 2014.

In addition, installation of production facilities are progressing well at West Klondike with production expected to commence at the end of July 2014.

West Klondike tested at flow rates of above 2 million cubic feet of gas per day with associated condensate.

Grand Gulf added the Abita recompletion has been finalised in the upper 18 sands that is likely to contain 400 million cubic feet of gas and 8,000 barrels of oil.

Abita is presently cleaning up and is expected to increase the company’s cashflow by $25,000 per month.

The company has a 11.7% interest in West Klondike and 20% in Abita.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 11 Jul 2014 11:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153380/grand-gulf-energy-on-the-road-to-higher-oil-and-gas-production-56213.html
<![CDATA[News - Grand Gulf Energy secures rig to drill Louisiana oil well ]]> http://www.proactiveinvestors.com.au/companies/news/153379/grand-gulf-energy-secures-rig-to-drill-louisiana-oil-well-55552.html Grand Gulf Energy (ASX:GGE) has secured a rig to drill the Louise Prospect on the Napoleonville Dome in Louisiana that hosts between 600,000 to 800,000 barrels of oil.

The Templet-1 well is expected to penetrate an accumulation of oil in a 3D-defined, normally pressured block up-dip from a productive well where an equivalent target interval has produced 2.2 million barrels of oil and 10.5 billion cubic feet of gas.

The company is also progressing well with the installation of production facilities at West Klondike with production expected to begin at the end of June 2014.

West Klondike tested at flow rates of above 2 million cubic feet of gas per day with associated condensate.

Its Hensarling-1 well continues to produce above 400 barrels of oil per day. Post-drill, gross reserves are estimated to be 952,000 barrels of oil and 0.4 billion cubic feet of gas in the Cris R II & III.

The D&L#3 continues to produce at gross daily production rates of 109 bopd with 390 bwpd.

 

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Wed, 11 Jun 2014 18:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153379/grand-gulf-energy-secures-rig-to-drill-louisiana-oil-well-55552.html
<![CDATA[News - Grand Gulf Energy flowing 390 barrels of oil per day from Louisiana well ]]> http://www.proactiveinvestors.com.au/companies/news/153378/grand-gulf-energy-flowing-390-barrels-of-oil-per-day-from-louisiana-well-48498.html Grand Gulf Energy's (ASX: GGE) shares are set to rise with the company flowing 390 barrels of oil per day from the Hensarling-1 well in at the Desiree Project in Louisiana after placing it on jet pump.

The operator anticipates the well will sustain this rate and expects production rates to range between 350 and 400 barrels per day.

This is expected to generate additional cashflow of between US$250,000 and US$285,000 per month for Grand Gulf’s 35.6% working interest.

Notably, this will more than double its total income from production to $400,000 per month.

Hensarling-1 has estimated post-drill gross reserves of 952,000 barrels of oil in the Cris R II & III reservoirs. The well is producing from the thicker Cris R III following which the overlying Cris R II will be completed for production.

 

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Thu, 26 Sep 2013 15:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153378/grand-gulf-energy-flowing-390-barrels-of-oil-per-day-from-louisiana-well-48498.html
<![CDATA[News - Grand Gulf Energy posts solid cash flows from US oil and gas operations, plans new well ]]> http://www.proactiveinvestors.com.au/companies/news/153377/grand-gulf-energy-posts-solid-cash-flows-from-us-oil-and-gas-operations-plans-new-well-48229.html Grand Gulf Energy's (ASX:GGE) is installing a jet pump rated to run at 350 barrels of oil per day in the Hensarling 1 well at the Desiree Project in Louisiana, USA. Once completed Grand Gulf will update the market on actual flow rates achieved.

Grand Gulf has a 35.6% working interest in the field and estimates Desiree will provide an incremental $250,000 monthly net revenue

Post drill gross reserves are estimated to be 952,000 barrels of oil and 0.4 billion cubic feet of gas in the Cris R II & III.

The D&L well 3 continues to produce at gross rates of 155 barrels of oil, 355 barrels of water, and 399,000 cubic feet of gas per day through a 10.5/64” choke, netting around $135,000 per month.

Production at Abita is presently 1,400,000 cubic feet of gas and 13 barrels of condensate per day through a 8/64” choke. Well production from the 18 sands appears stable and netting around $25,000 per month.

Production facilities are progressing at West Klondike, the well tested flow rates above 2 million cubic feet of gas per day and associated condensate, and the operator expects facilities to be completed by the end of this year.

Grand Gulf is also presently in negotiations for the drilling of the Louise prospect, planned to commence prior to year end. The Louise prospect is targeting 600,000-800,000 barrels of oil in an updip segment of a proven oil bearing compartment.

These are solid numbers for a sub $4 million energy company, with further production and exploration upside in the pipeline.

 

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Thu, 19 Sep 2013 15:40:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153377/grand-gulf-energy-posts-solid-cash-flows-from-us-oil-and-gas-operations-plans-new-well-48229.html
<![CDATA[News - Grand Gulf Energy adds more gas and condensate production from Louisiana well ]]> http://www.proactiveinvestors.com.au/companies/news/153376/grand-gulf-energy-adds-more-gas-and-condensate-production-from-louisiana-well-46678.html Grand Gulf Energy (ASX: GGE) will add to its U.S. petroleum production after operator advised that the Abita well in Louisiana is producing at a stabilised rate of 1 million cubic feet of gas and 10 barrels of condensate per day.

Clayton Williams, the operator, will review production rates and pressures over the coming months to determine whether to open the choke further.

The Abita project has estimated remaining gross reserves of up to 4.5 billion cubic feet of gas and between 150,000 to 300,000 barrels of oil.

Abita has further potential for a development well to test a lower sand that could host up to 600,000 barrels of oil as well as a field extension into an untested fault block to the northeast.

Grand Gulf Energy has a 20% working interest in the project, reverting to 15% following recovery of project costs.

 

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Tue, 13 Aug 2013 15:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153376/grand-gulf-energy-adds-more-gas-and-condensate-production-from-louisiana-well-46678.html
<![CDATA[News - Grand Gulf Energy and partners start oil production in Louisiana ]]> http://www.proactiveinvestors.com.au/companies/news/153375/grand-gulf-energy-and-partners-start-oil-production-in-louisiana-45203.html Grand Gulf Energy (ASX: GGE) has started producing oil from the Hensarling-1 well in the Napoleonville Project, Louisiana, with 240 barrels of oil produced during the first 17 hours.

The operator expects the well to sustain this rate of production, allowing it to flow between 330 and 370 barrels per day of oil from the Cris R III sands.

Post drill, gross reserves in the Cris R II and III sands are estimated to be 952,000 barrels of oil and 0.4 billion cubic feet of gas.

The well will produce the thicker Cris R III resources following which the overlying Cris R II will be completed for production.  

This is expected to generate net revenues of between $250,000 and $275,000 per month.

Grand Gulf has a 35.6% working interest in the well.

The company also noted that production facilities for its West Klondike well in Louisiana will be completed within give months.

West Klondike had tested flow rates above 2 million cubic feet of gas per day and associated condensate.

Separately, the company has completed a 5 for 1 share consolidation, reducing the number of shares on issue to 750 million and potentially increasing liquidity.

 

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Thu, 04 Jul 2013 13:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153375/grand-gulf-energy-and-partners-start-oil-production-in-louisiana-45203.html
<![CDATA[News - Grand Gulf Energy flows gas from Louisiana well ]]> http://www.proactiveinvestors.com.au/companies/news/153374/grand-gulf-energy-flows-gas-from-louisiana-well-43176.html Grand Gulf Energy (ASX: GGE) has flowed gas at a rate of more than 2 million cubic feet per day from the lower Nod Blan sand at its Wilbert Sons LLC-1 well in Louisiana.

The well in the West Klondike Project has now been suspended pending installation of facilities.

Due to the well site location, it is anticipated dedicated production facilities and the export pipeline will take about four to six months to install.

Grand Gulf and its partners had previously flowed oil to surface from the Lorio pay sand at the well.

The well was spudded on 22 November 2012 and reached a total depth of 10,900 feet on 13th December 2012.

Electric logs indicate pay in three horizons, now confirmed at the Lario. A summary of the reservoirs characteristics is provided below:

The apparently tight Lario is estimated to host up to 520,000 barrels of oil while the L Nod Blan has 40,000 barrels of oil and up to 1.3 billion cubic feet of gas. The U Nod Blan has up to 10,000 barrels of condensate and 135 million cubic feet of gas.

Grand Gulf has a 10.5% working interest in the well while fellow Australian Tamaska Oil & Gas (ASX: TMK) has a 10.2% stake.

The company had $1.3 million in cash as of 31 March 2013.

 

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Mon, 13 May 2013 12:50:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153374/grand-gulf-energy-flows-gas-from-louisiana-well-43176.html
<![CDATA[News - Grand Gulf Energy confirms presence of oil in Louisiana well ]]> http://www.proactiveinvestors.com.au/companies/news/153373/grand-gulf-energy-confirms-presence-of-oil-in-louisiana-well-42914.html Grand Gulf Energy (ASX: GGE) has confirmed the presence of oil in the Lorio pay sand at the Wilbert Sons LLC-1 well in Louisiana.

Oil was flowed to surface after the Lorop sands were perforated to confirm the log derived oil pay with samples now being tested for oil quality.

The flow has been killed and the well is being being prepared for production testing of the L Nod Blan sand.

Assuming commercial flow rates are achieved the well will be suspended and facilities will be installed.

Due to the well site location it is anticipated facilities will take about four to six months to complete.

The well was spudded on 22 November 2012 and reached a total depth of 10,900 feet on 13th December 2012.

Electric logs indicate pay in three horizons, now confirmed at the Lario. A summary of the reservoirs characteristics is provided below:

The apparently tight Lario is estimated to host up to 520,000 barrels of oil while the L Nod Blan has 40,000 barrels of oil and up to 1.3 billion cubic feet of gas. The U Nod Blan has up to 10,000 barrels of condensate and 135 million cubic feet of gas.

Both the L Nod Blan and U Nod Blan have good porosity.

Grand Gulf has a 10.5% working interest in the well.

The company had $1.3 million in cash as of 31 March 2013.

 

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Mon, 06 May 2013 16:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153373/grand-gulf-energy-confirms-presence-of-oil-in-louisiana-well-42914.html
<![CDATA[News - Golden Gate Petroleum increases Reserves to 6 million barrels of oil equivalent ]]> http://www.proactiveinvestors.com.au/companies/news/153372/golden-gate-petroleum-increases-reserves-to-6-million-barrels-of-oil-equivalent-38993.html Golden Gate Petroleum (ASX: GGP) has increased its total Proved and Probable (2P) Reserves to about 6 million barrels of oil equivalent after adding 1MMboe from its other interests in Louisiana and Texas.

The additional reserves were attributed to the company’s working interests in the Bowtie West, Cutlass and Acadia projects in a report by MHA Petroleum Consultants.

These projects also increase Golden Gate’s Contingent Resources up to 10.8 million boe with a further increase likely as MHA is completing the Contingent Resource estimate attributed to the Cutlass Project for the Eagle Ford Shale formation.

Bowtie West contains one producing well completed in the Textularia II Formation and one undrilled well location to be completed in the same interval.

A volumetric assessment of the hydrocarbon accumulation conducted by MHA determined that a total estimated 4.2 billion cubic feet of gas from the Tex II Formation within the Bowtie West area.

The primary target in the Cutlass area is the Eagle Ford formation which is planned to be developed with a horizontal well program. Other formations are not included in the MHA estimate.

Additional reserves and/or contingent resources may result from an ongoing study to optimise well spacing, possibly increasing the number of wells for the Eagle Ford.

The Acadia area is to be developed using one vertical well, to be completed initially in the Camerina Formation and followed by the Marg 7 Formation.

 

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Fri, 01 Feb 2013 11:10:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153372/golden-gate-petroleum-increases-reserves-to-6-million-barrels-of-oil-equivalent-38993.html
<![CDATA[News - Golden Gate Petroleum targeting oil in Louisiana well ]]> http://www.proactiveinvestors.com.au/companies/news/153371/golden-gate-petroleum-targeting-oil-in-louisiana-well-38929.html Golden Gate Petroleum (ASX: GGP) is participating in the drilling of an exploration well in Louisiana that will assess the Vicksburg Herpin Sand pay objective that could host about 2 million barrels of oil.

The Walker-1 well is up dip of the discovery well, Richardson-1, and will spud within the next few days.

Richardson-1 was drilled in September 2010 and produced 5,400 barrels of oil before production ended due to high water volumes.

Golden Gate had sold its 85% stake in the North Edna Project in return for US$120,000 in cash and a 11.2% working interest. It also has a carried interest in the Walker-1 well to casing point.

The Vicksburg Herpin Sand is the pay objective in the abandoned North Edna Field that produced 7.3 billion cubic feet of gas and 841,000 barrels of oil from two shallower Lower Frio sands since it was discovered in 1954.

During the development of North Edna, the deep Herpin Sand was not drilled.

 

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Thu, 31 Jan 2013 12:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153371/golden-gate-petroleum-targeting-oil-in-louisiana-well-38929.html
<![CDATA[News - Grand Gulf Energy expects higher condensate production from Louisiana well ]]> http://www.proactiveinvestors.com.au/companies/news/153370/grand-gulf-energy-expects-higher-condensate-production-from-louisiana-well-38567.html Grand Gulf Energy (ASX: GGE) has higher condensate production in its sights after the first well at its Abita project in Plaquemines Parish, Louisiana, was brought on stream.

The well is presently cleaning up and producing 1.3 million cubic feet of gas and 30 barrels of condensate per day.

Liquids production is expected to increase as the gas cap draws down with time.

The producing 19 Sand has been interpreted from Electric Logs and seismic to hold between 200,000 and 400,000 barrels of recoverable oil and is expected to be the most valuable reservoir in the Abita Field.

Flow rates from the 19 Sand in the Coquille Bay field range from 250 and 400 barrels of oil and 500,000 to 800,000 cubic feet of gas per day.

Abita provides upside in the lower 32 Sand, which is yet to be tested with a pre‐drill estimate of 400,000barrels of oil. This sand is a significant producer in the adjacent field.

The joint venture has also determined the field extension potential for another oil and gas accumulation on the same geologic feature in the fault compartment immediately to the northeast.

Objective sands are those found productive in the discovery well and deeper sands produced in Coquille Bay Field to the south. The prospective fault block has similar potential found in the discovery well.

Grand Gulf Energy has a 20% working interest in the project. This reverts to 15% on recovery of all project costs.

 

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Tue, 22 Jan 2013 14:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153370/grand-gulf-energy-expects-higher-condensate-production-from-louisiana-well-38567.html
<![CDATA[News - Grand Gulf Energy targeting higher Louisiana oil production ]]> http://www.proactiveinvestors.com.au/companies/news/153369/grand-gulf-energy-targeting-higher-louisiana-oil-production-38365.html Grand Gulf Energy (ASX: GGE) is participating in the drilling of a well targeting up to 500,000 barrels of oil in the East Baton Rouge Parish, Louisiana.

The Port Hudson-1 well is designed to encounter several U Wilcox sands and is expected to produce at initial rates of about 250 barrels of oil per day.

Dry hole costs are estimated to be about $1.2 million with Grand Gulf’s 15% share fixed at $232,000. Completion and facilities costs are expected to add another $70,000 to this figure.

The Port Hudson project was generated from re-processed, proprietary seismic. The sand deposition is uniform in the area targeting multiple individual sands ranging in thickness from 10 to 25 feet.

Pipeline facilities are present in the area and the well is likely to be put on production within two months of completion.

 

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Thu, 17 Jan 2013 12:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153369/grand-gulf-energy-targeting-higher-louisiana-oil-production-38365.html
<![CDATA[News - Grand Gulf Energy and Tamaska Oil & Gas to flow test Lousiana well ]]> http://www.proactiveinvestors.com.au/companies/news/153368/grand-gulf-energy-and-tamaska-oil-gas-to-flow-test-lousiana-well-37406.html Grand Gulf Energy (ASX: GGE) and Tamaska Oil & Gas (ASX: TMK) expect to flow test their well at the West Klondike Prospect in Lousiana this week.

Wireline logs confirm that the Wilberts Sons LLC-1 intersected four feet of net pay in the Lario Sands, six feet in the U Nod Blan and 35 feet in the L Nod Blan sands.

Lario appears to be a tight oil reservoir while U Nod Blan is a gas condensate horizon. L Nod Blan is an oil and gas reservoir.

Grand Gulf has a 10.5% working interest in the 640 acre West Klondike Prospect while Tamaska holds 10.2%.

West Klondike Prospect is a fault block closure which has been identified on 3D seismic data and is in close proximity to analogous offset production.

The targeted sand sections are the Marg Tex, Lario and Upper and Lower Nod Blan, all of which produce in nearby fields.
   
There is also a larger, separate, high pressure, deeper prospect in the leased area that will require a separate well.


 
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Tue, 18 Dec 2012 08:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153368/grand-gulf-energy-and-tamaska-oil-gas-to-flow-test-lousiana-well-37406.html
<![CDATA[News - Grand Gulf Energy intersects oil and gas at Louisiana well ]]> http://www.proactiveinvestors.com.au/companies/news/153367/grand-gulf-energy-intersects-oil-and-gas-at-louisiana-well-37100.html Grand Gulf Energy (ASX: GGE) has observed oil and gas shows in a well at its West Klondike Prospect in Iberville Parish, Louisiana.

Mud logs showed the Wilberts Sons LLC-1 intersected over 35 feet of gross oil shows and over 15 feet of gross gas shows in the Lario and U Nod Blan sands respectively.

The well is continuing towards the deeper Nod Blan objectives.

Electric wireline logs will then be run to determine the commerciality of the shows.

Grand Gulf has a 10.5% working interest in the 640 acre West Klondike Prospect while fellow Australian Tamaska Oil & Gas (ASX: TMK) holds 10.2%.

West Klondike Prospect is a fault block closure which has been identified on 3D seismic data and is in close proximity to analogous offset production.

The targeted sand sections are the Marg Tex, Lario and Upper and Lower Nod Blan, all of which produce in nearby fields.
   
There is also a larger, separate, high pressure, deeper prospect in the leased area that will require a separate well.

 

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Mon, 10 Dec 2012 12:10:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153367/grand-gulf-energy-intersects-oil-and-gas-at-louisiana-well-37100.html
<![CDATA[News - Grand Gulf Energy to start production from Louisiana oil and gas well ]]> http://www.proactiveinvestors.com.au/companies/news/153366/grand-gulf-energy-to-start-production-from-louisiana-oil-and-gas-well-36646.html Grand Gulf Energy (ASX: GGE) is moving to complete the Abita well in Plaquemines Parish, Louisiana, for completion and has identified field extension potential to the northeast.

Operator Clayton Williams will complete the well in the 19 Sand, which has up to 400,000 barrels of recoverable oil and is the most valuable reservoir in the well.

Flow rates from the 19 Sand in the across syncline Coquille Bay field range from 250 to 400 barrels of oil and 500,000 and 800,000 cubic feet of gas per day.

Abita provides upside in the lower 32 Sand, which is yet to be tested with a pre‐drill estimate of 400,000barrels of oil. This sand is a significant producer in the adjacent field.

The joint venture has also determined the field extension potential for another oil and gas accumulation on the same geologic feature in the fault compartment immediately to the northeast.

Objective sands are those found productive in the discovery well and deeper sands produced in Coquille Bay Field to the south. The prospective fault block has similar potential found in the discovery well.

Grand Gulf Energy has a 20% working interest in the project.

 

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Fri, 30 Nov 2012 11:50:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153366/grand-gulf-energy-to-start-production-from-louisiana-oil-and-gas-well-36646.html
<![CDATA[News - Grand Gulf Energy intersects more oil in Louisiana ]]> http://www.proactiveinvestors.com.au/companies/news/153365/grand-gulf-energy-intersects-more-oil-in-louisiana-36251.html Grand Gulf Energy (ASX: GGE) has intersected more oil shows at its Hensarling-1 well in Louisiana, raising the likelihood that it will provide long life reserves.

Mud logs indicated the well had intersected between 40 and 50 feet of oil shows at the Cris R III Sand, the second primary objective. The Cris R II sand was earlier interpreted to have oil shows across a 60 to 70 feet gross interval.

Wireline logs will now be run to determine the commerciality of the shows in the Cris R II and III.

Drilling will then resume towards the secondary objective Cris R IV and V sands.

Hensarling-1 is located in the 140 acre Desiree prospect in Assumption Parish. It is updip and 270 feet from the largest producer in the adjacent Napoleonville Field that was abandoned at low oil prices with split casing while still producing 100 barrels of oil per day.

Cris R II and III and estimated to up to 800,000 barrels of oil while the secondary targets could add anothern 200,000 barrels of oil and up to 30 billion cubic feet of gas.

Grand Gulf has a 35.6% working interest in the Desiree prospect with its net share of dry hole costs estimated at about US$1.1 million. Fellow Australian Golden Gate Petroleum (ASX: GGP) has a 3.99% working interest.

 

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Thu, 22 Nov 2012 12:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153365/grand-gulf-energy-intersects-more-oil-in-louisiana-36251.html
<![CDATA[News - Grand Gulf Energy to drill Louisiana oil and gas well ]]> http://www.proactiveinvestors.com.au/companies/news/153364/grand-gulf-energy-to-drill-louisiana-oil-and-gas-well-36185.html Grand Gulf Energy (ASX: GGE) and Tamaska Oil & Gas (ASX: TMK) are preparing to spud a well in Iberville Parish, Louisiana, targeting 4.8 million barrels of oil and 17 billion cubic feet of gas.

The West Klondike Wilberts Sons LLC-1 well targets the Marg Tex, Lario and Upper and Lower Nod Blan sands, all of which produce in fields in the area.

There is also a larger, separate, high pressure, deeper Bridas prospect in the leased area that will require a separate well.

The target sands at Bridas have recently yielded a significant discovery about 2.5 kilometres to the northeast.

Tamaska has a 10.2% working interest in the West Klondike Prospect which covers 640 acres while Grand Gulf holds 10.5%.

 

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Wed, 21 Nov 2012 14:10:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153364/grand-gulf-energy-to-drill-louisiana-oil-and-gas-well-36185.html
<![CDATA[News - Grand Gulf Energy targeting more oil with Louisiana well ]]> http://www.proactiveinvestors.com.au/companies/news/153363/grand-gulf-energy-targeting-more-oil-with-louisiana-well-36065.html Grand Gulf Energy (ASX: GGE) is participating in a low risk Louisiana well targeting up to 450,000 barrels of oil.

The S Welsh prospect in Jeff Davis Parish is located about 250 feet high to a well which produced 335,000 barrels of oil and associated condensate.

S Welsh targets the Marg Tex formation and is located within the Welsh Field, which has produced 90 million barrels of oil and 100 billion cubic feet of gas to date.

It is a low cost turnkey normal pressured straight hole well that is estimated to cost $1 million (Grand Gulf share $145,000).

The potential net resources to Grand Gulf are estimated at 45,000 barrels of oil while gross flow rates are estimated at between 200 and 300 barrels of oil per day.

Grand Gulf Energy has a 10.5% working interest in S Welsh.

 

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Mon, 19 Nov 2012 16:50:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153363/grand-gulf-energy-targeting-more-oil-with-louisiana-well-36065.html
<![CDATA[News - Grand Gulf Energy's Desiree drilling indicates oil shows ]]> http://www.proactiveinvestors.com.au/companies/news/153362/grand-gulf-energys-desiree-drilling-indicates-oil-shows--36040.html Grand Gulf Energy (ASX:GGE) has intersected oil shows at the Desiree prospect in Louisiana, USA.

The Desiree prospect is targeting up to 1 million barrels of oil and 30 billion cubic feet of gas.

The Hensarling #1 well was drilling ahead at 11,933 feet and intersected oil shows over 60-70 feet gross interval. The well is targeting two updip productive intervals and two additional exploration sands.

This well will be drilled to a total depth of 12,550 feet.

The Hensarling #1 well is updip from an initial well which produced 2.3 million barrels of oil and stopped production due to low oil prices, doing 100 barrels of oil per day.

The Desiree Prospect covers an area of 140 acres in Assumption Parish, Louisiana and is being operated by a private US oil and gas company.

Grand Gulf has a 35.6% working interest in the Desiree prospect with its net share of dry hole costs estimated at about US$1.1 million.

The total drilling costs are US$3.6 million.


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Mon, 19 Nov 2012 11:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153362/grand-gulf-energys-desiree-drilling-indicates-oil-shows--36040.html
<![CDATA[News - Grand Gulf Energy, Golden Gate Petroleum drilling 1 million barrel oil well ]]> http://www.proactiveinvestors.com.au/companies/news/153361/grand-gulf-energy-golden-gate-petroleum-drilling-1-million-barrel-oil-well-35139.html Grand Gulf Energy (ASX: GGE) and Golden Gate Petroleum (ASX: GGP) are drilling a well in Assumption Parish, Louisiana, that targets 1 million barrels of oil.

The Hensarling-1 well in the Desiree prospect targets two updip productive intervals as well as two additional exploration sands.

It is updip from the initial well, which produced 2.3 million barrels of oil and was shut-in with split casing while still producing 100 barrels per day.

Drilling of Hensarling-1 is expected to cost US$3.6 million (A$3.48 million) and have initial production rates ranging from 400 to 800 barrels per day.

The prospect has a significant oil column and long life production potential and was generated from 3D seismic and subsurface support for updip attic structure.   

Grand Gulf has a 35.6% working interest in the well while Golden Gate has a 3.9% interest.

 

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Tue, 30 Oct 2012 13:10:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153361/grand-gulf-energy-golden-gate-petroleum-drilling-1-million-barrel-oil-well-35139.html
<![CDATA[News - Grand Gulf Energy targeting 1 million barrels of oil with new Louisiana well ]]> http://www.proactiveinvestors.com.au/companies/news/153360/grand-gulf-energy-targeting-1-million-barrels-of-oil-with-new-louisiana-well-33513.html 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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Mon, 17 Sep 2012 13:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153360/grand-gulf-energy-targeting-1-million-barrels-of-oil-with-new-louisiana-well-33513.html
<![CDATA[News - Grand Gulf Energy and partners find oil at prospective Texas well ]]> http://www.proactiveinvestors.com.au/companies/news/153359/grand-gulf-energy-and-partners-find-oil-at-prospective-texas-well-32192.html Grand Gulf Energy (ASX: GGE) has observed oil shows at a Texas exploration well that has the potential to add up to US$140,000 (A$137,660) per month to its monthly revenue.

The HRI Well-1 in the Austin Bayou project in Brazoria County, Texas, intersected the first oil show between 10,527 feet and 10,561 feet.

This appears to tie into the Tex miss-1 sand above the first primary objective, the Andrau.

Operator Texas Standard Oil Operating Company will run wireline logs to determine commerciality of any hydrocarbon shows after the well reaches total depth.

HRI Well-1 targets two updip productive sands in the Andrau and Tex Miss 1 intervals.

These could add up to 60,000 barrels of condensate and 4 billion cubic feet of gas to Grand Gulf’s reserves and between US70,000 to US$140,000 per month to its revenue depending on how the well is completed.

Flow rates are estimated to be between 4 and 6 million cubic feet of gas per day with associated condensate flow of about 17 barrels per million cubic feet of gas produced.

Upside potential may exist in the Tex Miss 2, 3, 5 and 7 sands.

Pipeline facilities run adjacent to the lease, making it likely the well can be placed into production within 3 months of completion.

Grand Gulf’s share of drilling costs are estimated at about US$385,000 with completion and facilities costs at a further US$265,000.

The company has a 23.25% working interest in Austin Bayou.

 

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Thu, 09 Aug 2012 13:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153359/grand-gulf-energy-and-partners-find-oil-at-prospective-texas-well-32192.html
<![CDATA[News - Grand Gulf Energy acquires interest in low risk Louisiana oil project ]]> http://www.proactiveinvestors.com.au/companies/news/153358/grand-gulf-energy-acquires-interest-in-low-risk-louisiana-oil-project-31868.html Grand Gulf Energy (ASX: GGE) is acquiring a 10.5% working interest in a low risk Louisiana oil development that could hold up to 450,000 barrels of oil.

The proposed well on the S Welsh project in Jeff Davis Parish on the southwest flank of Welsh Field, targets Marg Tex sands about 250 feet updip of a well that produced over 335,000 barrels of oil.

It is expected to have initial production of about 250 barrels of oil per day.

Including the adjacent fault blocks, the Marg Tex sands have produced over 1 million barrels of oil from 4 wells.

The prospect – a three-way trap – was generated from 3D seismic, reservoir study and subsurface mapping and is the highest location relative to these wells.

Grand Gulf expects its share of well costs to be about US$145,000 (A$137,700) with a further US$72,000 for completion and facilities costs in the event of a success.

The well is due to spud in October 2012. Pipeline facilities are present in the area and the well is likely to be put on production within 2 months of completion.

 

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Tue, 31 Jul 2012 13:50:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153358/grand-gulf-energy-acquires-interest-in-low-risk-louisiana-oil-project-31868.html
<![CDATA[News - Grand Gulf Energy making progress with Texas well ]]> http://www.proactiveinvestors.com.au/companies/news/153357/grand-gulf-energy-making-progress-with-texas-well-31300.html Grand Gulf Energy’s (ASX: GGE) HRI Well-1 in the Austin Bayou project in Brazoria County, Texas, that has the potential to add up to US$140,000 (A$137,660) per month to its monthly revenue is making good progress towards its objectives.

The well targets 2 updip productive sands in the Andrau and Tex Miss 1 intervals and is currently about halfway towards its target depth of 11,400 feet.

These could add up to 60,000 barrels of condensate and 4 billion cubic feet of gas to Grand Gulf’s reserves and between US70,000 to US$140,000 per month to its revenue depending on how the well is completed by operator Texas Standard Oil Operating Company.

Flow rates are estimated to be between 4 and 6 million cubic feet of gas per day with associated condensate flow of about 17 barrels per million cubic feet of gas produced.

Upside potential may exist in the Tex Miss 2, 3, 5 and 7 sands.

Pipeline facilities run adjacent to the lease, making it likely the well can be placed into production within 3 months of completion.

Grand Gulf’s share of drilling costs are estimated at about US$385,000 with completion and facilities costs at a further US$265,000.

The company has a 23.25% working interest in Austin Bayou.

 

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Fri, 13 Jul 2012 15:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153357/grand-gulf-energy-making-progress-with-texas-well-31300.html
<![CDATA[News - Grand Gulf Energy drilling Texas well, targets early cash flow ]]> http://www.proactiveinvestors.com.au/companies/news/153356/grand-gulf-energy-drilling-texas-well-targets-early-cash-flow-30838.html Grand Gulf Energy (ASX: GGE) will know within 3 weeks if it can added up to US$140,000 per month to its monthly revenue from the HRI Well-1 in the Austin Bayou project in Brazoria County, Texas.

The well was selected based on reprocessed data on proprietary seismic and targets 2 updip productive sands in the Andrau and Tex Miss 1 intervals.

These could add up to 60,000 barrels of condensate and 4 billion cubic feet of gas to Grand Gulf’s reserves and between US70,000 to US$140,000 per month to its revenue depending on how the well is completed by operator Texas Standard Oil Operating Company.

Flow rates are estimated to be between 4 and 6 million cubic feet of gas per day with associated condensate flow of about 17 barrels per million cubic feet of gas produced.

Upside potential may exist in the Tex Miss 2, 3, 5 and 7 sands.

Pipeline facilities run adjacent to the lease, making it likely the well can be placed into production within 3 months of completion.

Grand Gulf’s share of drilling costs are estimated at about US$385,000 with completion and facilities costs at a further US$265,000.

The company has a 23.25% working interest in Austin Bayou.

 

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Tue, 03 Jul 2012 15:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153356/grand-gulf-energy-drilling-texas-well-targets-early-cash-flow-30838.html
<![CDATA[News - Grand Gulf Energy set to drill low risk Texas gas condensate well offering quick cash flow ]]> http://www.proactiveinvestors.com.au/companies/news/153355/grand-gulf-energy-set-to-drill-low-risk-texas-gas-condensate-well-offering-quick-cash-flow-30604.html Grand Gulf Energy (ASX: GGE) is set to participate in a Texas well that has the potential to add up to US$140,000 (A$139,100) per month to the company’s revenue.

The Patterson Rig 532 is currently moving to the site of the Austin Bayou well in Brazoria County, Texas, and is expected to start drilling within the next 7 days.

Grand Gulf, which has a 23.25% working interest, said the well was selected based on reprocessed data on proprietary seismic and targets 2 updip productive sands in the Andrau and Tex Miss 1 intervals.

Austin Bayou is a low risk project that could add up to 60,000 barrels of condensate and 4 billion cubic feet of gas to Grand Gulf’s reserves.

Revenue net to the company will range from US70,000 to US$140,000 per month depending on whether the well is dual completed or a single producer.

Flow rates are estimated to be between 4 and 6 million cubic feet of gas per day with associated condensate flow of about 17 barrels per million cubic feet of gas produced.

Pipeline facilities run adjacent to the lease, making it likely the well can be placed into production within 3 months of completion.

Grand Gulf’s share of drilling costs are estimated at about US$385,000 with completion and facilities costs at a further US$265,000.

 

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Wed, 27 Jun 2012 15:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153355/grand-gulf-energy-set-to-drill-low-risk-texas-gas-condensate-well-offering-quick-cash-flow-30604.html
<![CDATA[News - Grand Gulf Energy increases stake in Arkansas oil prospect, drilling to start soon ]]> http://www.proactiveinvestors.com.au/companies/news/153354/grand-gulf-energy-increases-stake-in-arkansas-oil-prospect-drilling-to-start-soon-30218.html Grand Gulf Energy (ASX: GGE) has increased its stake in the Leduc Reef prospect in Lafayette County, Arkansas, to 22% from 14%, giving it increased exposure to a 1.2 million barrel of oil target.

The wildcat exploration well targeting the prospect is expected to spud in late July or early August and will be drilled to a total depth of 8600 feet (2621.3 metres).

Production is expected to range from 100 to 300 barrels of oil per day and there is potential upside for up to 12 million barrels of recoverable oil to be found.

The Leduc Reef prospect is a new play type for the area and its success will open up further opportunities for Grand Gulf Energy, which has the right to participate pro-rata in any new prospects generated in an upcoming 3D seismic survey.

The secondary objective lower Smackover Formation has its porosity development proven in the nearby Midway Field where over 60 million barrels of oil have been produced.

Grand Gulf Energy is paying US$280,000, or 26.66% of the initial well costs, to earn its 22% working interest in the prospect.

In a success case the company will have to pay a further US$168,000 as its share of completion and facilities costs.

 

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Mon, 18 Jun 2012 14:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153354/grand-gulf-energy-increases-stake-in-arkansas-oil-prospect-drilling-to-start-soon-30218.html
<![CDATA[News - Grand Gulf Energy encounters gas shows in onshore Louisiana well ]]> http://www.proactiveinvestors.com.au/companies/news/153353/grand-gulf-energy-encounters-gas-shows-in-onshore-louisiana-well-29497.html Grand Gulf Energy (ASX: GGE) has intersected gas shows in the primary objective at its R.J. Perrin et al Well-1 at the Vermilion River project in Louisiana.

The shows were intersected between 16,660 feet (5078 metres) and 16,720 feet in what is believed to be one of the primary objective Het sands.

The well is presently drilling through the lower Het primary objective sands with a further 770ft left to drill to total depth.

Grand Gulf will run open hole electric logs either at the next casing point or total depth to determine reservoir quality and confirmation of pay.

The well, which targets 110 billion cubic feet of gas and 3.3 million barrels of condensate, or 7Bcf of gas and 170,000 barrels of condensate net to the company, is located between the Erath and Abbeville fields, both of which produce major reserves from shallower middle to lower Miocene age sands and demonstrate a charged hydrocarbon system.

The Vermilion River prospect covers 2925 acres (11.8 square kilometres) in Vermilion Parish, Louisiana. It has similar traits and risks to the company’s recent discovery and success at La Posada about 8 miles (12.9 kilometres) to the southeast.

Vermilion River targets the Het sands that are a prolific productive target across Southwest Louisiana with the nearby Gross Isle field having produced 70 billion cubic feet of gas and 4.2 million barrels of condensate from multiple Het sands.

If successful, the project offers substantial cash flow, long life reserves which will have a substantial impact on the company with additional reserve potential in the southerly fault blocks.

 

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Thu, 31 May 2012 08:25:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153353/grand-gulf-energy-encounters-gas-shows-in-onshore-louisiana-well-29497.html
<![CDATA[News - Grand Gulf Energy continues to drill ahead at high impact Louisiana gas condensate well ]]> http://www.proactiveinvestors.com.au/companies/news/153352/grand-gulf-energy-continues-to-drill-ahead-at-high-impact-louisiana-gas-condensate-well-29066.html Grand Gulf Energy’s (ASX: GGE) potentially high impact R.J. Perrin et al Well-1 at the Vermilion River project in Louisiana is poised to drill into the first target in a Het sand.

The well, which targets 110 billion cubic feet of gas and 3.3 million barrels of condensate, is located between the Erath and Abbeville fields, both of which produce major reserves from shallower middle to lower Miocene age sands and demonstrate a charged hydrocarbon system.

Grand Gulf said the operator had advised that it may be able to drill through the primary target Het 1A sand without a liner as hole conditions to be satisfactory enough to drill ahead cautiously.

The first (secondary) target is in a Het sand at around 15,840 feet (4828 metres) and is followed by the Het 1A target at 16,250 feet and then the lower Het sands from 16,400-17,400 feet.

These sands are a prolific productive target across Southwest Louisiana with the nearby Gross Isle field having produced 70 billion cubic feet of gas and 4.2 million barrels of condensate from multiple Het sands.

If successful, the project offers substantial cash flow, long life reserves which will have a substantial impact on the company with additional reserve potential in the southerly fault blocks.

 

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Mon, 21 May 2012 13:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153352/grand-gulf-energy-continues-to-drill-ahead-at-high-impact-louisiana-gas-condensate-well-29066.html
<![CDATA[News - Grand Gulf Energy acquires stake in Louisiana gas and condensate play ]]> http://www.proactiveinvestors.com.au/companies/news/153351/grand-gulf-energy-acquires-stake-in-louisiana-gas-and-condensate-play-26949.html Grand Gulf Energy (ASX: GGE) has gained exposure to a potentially long life, high production gas and condensate in St Martin Parish, Louisiana.

The 1142 acre (4.6 square kilometre) Pintail prospect has potential resources of 150 billion cubic feet (Bcf) of gas and 2.3 million barrels (MMbbl) of condensate with upside for 350Bcf of gas and 5.5MMbbl of condensate.

It was defined by proprietary 3D seismic and is a deeper pool test of the Duck Lake Field that has produced 1.78 trillion cubic feet of gas and 103MMbbl of oil from shallower sands.

The proposed initial well, which is expected to spud in the fourth quarter of 2012, will be drilled directionally to test multiple Marg A sand units on a downthrown, 3-way drag closure along a regional sealing Marg A fault.

The position of the regional, sealing fault is well defined by 3D seismic with similar structural timing, trap type, seal integrity as other recent and significant discoveries. The presence of sand is also well established, with the target sands being deposited in downthrown areas along the regional fault. 

Some of the upper Duck Lake sands may also be hydrocarbon bearing.

Pintail is associated with the same regional fault as that providing a seal to McMoran Exploration’s (NYSE: MMR) 2007 Laphroaig discovery that has produced 42Bcf of gas and 618,000 barrels of condensate to date.

Grand Gulf Energy’s letter of intent covers the acquisition of a 5% stake in the project. Its share of dry hole costs for the well is 6.67%, or about US$1.2 million (A$1.14 million).

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Tue, 27 Mar 2012 15:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153351/grand-gulf-energy-acquires-stake-in-louisiana-gas-and-condensate-play-26949.html