Bullseye waiting on workover rig: Golden Gate

GOLDEN Gate Petroleum will continue drilling its Jumonville-1 well, at the Bullseye Prospect in Louisiana, with a smaller workover rig in order to more effectively drill and test the primary objectives.

The company said it decided to continue drilling with a smaller rig to provide a more effective platform to finish drilling operations and facilitate testing.

The existing Helmrich and Payne rig 72 has been released and the smaller Key Drilling rig 88 is currently mobilising to site.

Golden Gate expects rig 88 to be on location and ready to start drilling by Saturday.

It's anticipated to take about three days to drill the next 500 feet below the primary objective in the Miogyp sand.

According to the company, numerous gas shows observed while drilling the last 1000ft provides encouragement that the primary Miogyp objective is contained in a working hydrocarbon trap.

Golden Gate said it will make a decision on whether to drill and test the deeper Cib Haz interval once initial Miogyp testing results are received.

Drilling of the well is expected to take 75 days to reach total depth of 14,200ft.

The Bullseye prospect has a target reservoir potential of 12.5 million barrels of oil and 33 billion cubic feet of gas.

Participants in the Jumonville-1 well are Golden Gate Petroleum (43.33%), Modena Resources (15%), Pantheon Resources PLC (15%), Eastern Advisors (20%) and Nuenco (6.67%).