As operator, Golden Gate said it was planning to undertake a testing program to determine the commerciality of each of these zones intersected in the target Plum Deep Prospect.
“The initial results from the electric logs are encouraging and the gross interval encountered is in line with our pre-drill estimates,” executive chairman Sam Russotti said.
“The final outcome is of course dependent on the results of the testing program.”
Golden Gate has a 37.5% interest in the Kindee ST 212 well in partnership with two North American companies.
Padre Island is a long flat land mass that stretches along the coast of south Texas.
The Plum Deep prospect has proven and probable reserves estimates of 293 billion cubic feet, with upside potential of 952Bcf.
Whether or not the Kindee ST 212 well is a commercial success, Russotti told Petroleum magazine recently he was confident that a big payoff will come because six major deep exploration targets have been confirmed, with each offering the potential for significant additional reserves and cash flow.
“The deeper targets along the Gulf Coast have barely been touched,” he said.
“Many of the deeper targets have reserves potential in the 100Bcf-plus range, and with good 3D seismic, and very little deep drilling having been done so far on the island, there are plenty of targets to choose from.”