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Golden Gate Petroleum director buys on market

Last updated: 13:30 27 Feb 2013 AEDT, First published: 12:30 27 Feb 2013 AEDT

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Golden Gate Petroleum (ASX: GGP) non-executive director Christopher Porter has acquired 2.5 million shares on-market.

Porter purchased the shares for a total consideration of A$10,000, providing an average entry price of $0.004 per share.

Golden Gate could soon add more production from its Louisiana assets with the Walker Properties-1 well in the North Edna Project currently being logged and cased.

Walker Properties-1 was drilled to a total depth of 9,350 feet targeting the Vicksburg Herpin Sand.

It is located updip of the Richardson-1 discovery well that was drilled in September 2010 and produced 5,400 barrels of oil before production ended due to high water volumes.

The Vicksburg Herpin Sand is the pay objective located in the abandoned North Edna Field. Discovered in 1954, the North Edna Field produced 7.3 billion cubic feet of gas and 841,000 barrels of oil from two shallower Lower Frio sands at a depth of 7,900 and 8,600 feet.

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

Golden Gate estimates the target could host 2 million barrels of oil and that its share of project revenues is estimated to be about US$6.5 million based on recent independent valuations.

The company holds a 11.2% working interest in the project and a carried interest in the initial well to casing point.


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