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Golden Gate Petroleum increases oil production from Permian Project in Texas

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Golden Gate Petroleum (ASX: GGP) shares will rise today after it increased oil and gas production from two of its Permian Project wells in Texas and has brought its SRH-5H horizontal well back on production after a reconfigured compressor was installed.

It noted that production at SRH-5H is running above previous levels.

The SRH-3 and SRH-4 wells produced at an average rate of 30.9 barrels of oil equivalent (boe) and 46.3boe per day during the two week period starting 1 September 2013 following the completion of works.

This compares with average daily production ranging from 18.5boe to 19.1boe for SRH-3 and 22.6boe and 28.5bpe for SRH-4 between 16 July 2013 and 15 August 2013.

Total average daily production for the latest two week period is 138boe.

Analysis


While the higher production rates at SRH-5H have not been reflected in the latest report,  this along with improvements at the Hensarling-1 well in Louisiana are expected to provide a substantial improvement in production in the next two week period starting 16 September.

 

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