News: Grand Gulf Energy secures rig to drill Louisiana oil well

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.