News: Grand Gulf Energy continues drilling of Louisiana oil well

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.