Corporate Profile
2006/7 has been a very important and successful year for Golden Gate Petroleum Ltd (“the Company”). Your Board and Management have worked successfully towards consolidating the Company’s position in Padre Island in order to ensure that it could execute the drilling of its impressive portfolio of exploration prospects.
Some of the important achievements to date have been;
- Built a substantial Operating capability on the Texas Gulf Coast.
- Successfully completed 4 discoveries over past 20 months which has seen production rise 8 fold over this period
- Recently Drilled Wilson #1 – discovery, commence production in at a rate 2.5 mmcf/d – GGP has 58% working interest
- Recently Drilled Dunn Deep #2 – discovery, commence production in at a rate 3.8 mmcf/d – GGP has 20% working interest
- Recently drilled Plum Deep #1 – Dry well in deep section with one zone to test in shallow section
- Current share of production is ~3.6mmcf/d including Wilson and Dunn Deep #2.
- 6 out of 7 shallows wells drilled on Padre have been successful (>85%). GGP have several other prospects to drill in shallow hence confidence of further success is high.
- Employed a highly qualified and experienced Technical Director (Jeff Copley), to manage operations and develop new ventures