Louisiana
Napoleonville
Grand Gulf Energy has acquired a 25% interest in 33,000 acres over the Napoleonville Salt Dome in Assumption Parish, Louisiana. The Napoleonville Salt Dome has historically produced some 188 billion cubic feet of gas and 20 million barrels of oil and is one of the last remaining salt domes in Louisiana without 3D seismic. Fifty-two square miles of 3D seismic are currently being acquired over the Napoleonville Salt Dome. This is expected to be completed in July 2007. Following processing and interpretation of this 3D seismic Grand Gulf Energy expects to start drilling at the end of 2007.
Please see the latest presentation for more information on the Napoleonville Salt Dome.
Phase 3B Drilling ProgramGrand Gulf Energy's participation in the initial five well drilling program in southern Louisiana by Legend Petroleum, known as Phase 3B, will earn it a 3.75% to 10.9% interest in the wells, which have the potential to generate 3.9bcf net reserves from the Miocene age formation. Legend will drill the five wells in the Terrebonne and Vermillion Parishes in Louisiana.
Legend's executives and principals are formerly of Burlington Resources and have worked in the Southern Louisiana oil and gas industry all their careers. They have previously identified targets in mature producing areas of southern Louisiana and refined their exploration techniques with new software and a strong database.
Legend identified the Phase 3B prospect and five well drilling program from a large 3D seismic data set. Demonstrating excellent technical correlation and amplitude analysis, the drilling program is over small lease areas, targeting specific structures. The area is known for high well productivity and Grand Gulf Energy and Legend will employ advanced drilling methods and focus on appropriate completion methods to increase success and production rates.
Please refer to ASX announcements and drilling updates for information on this program.
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