Grand Gulf Energy targets more oil production with Louisiana well

8/12/2014

Grand Gulf Energy targets more oil production with Louisiana well

PERTH, Australia -- The Company confirmed that the Templet #1 well was spudded on 10 August 2014. The well is presently drilling ahead at 374 ft. The well is anticipated to take 45 days to drill to TD.

The well is located on the Louise Prospect on the Napoleonville Dome and is targeting 600,000-800,000 bbls oil in an updip segment of a proven oil bearing compartment.

The Company owns a 22.57% WI and will be paying 19.26% of the dryhole well costs.

The well 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 Mbbl oil and 10.5 Bcf gas. The prospect follows the same style as Desiree and is located to the immediate south and was developed using by the Company's in-house Geological and Geophysical team. This well is considered low risk both from drilling operations and geological and geophysical perspectives.

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