Bullseye Project
GGP owns a 42.25% working interest in the Bullseye prospect (an area of 1,700 acres) located in South Louisiana.
The first well, Jumonville #1, was spudded on 28 April 2008 and reached its total depth of 12,440 feet on 28 August 2008. The well was put on production in September 2008 in the Miogyp resevoir. The JV is commencing preparations to test the Camerina Interval.
The JV announced on June 30, 2009 the completion of Jumonville #2 in the Miogyp resevoir.
Both wells intersected and logged a 25 - 42 foot sand, Camerina, above the Miogyp resevoir, this resevior was cored and indicated the potential for hydrocarbons. In the Jumonville #2 well the well also logged pay in a shallower reservoir, Marg Vag. Both the Camerina and Marg Vag represent further productive potential and will be tested following production ceasing from the Miogyp interval.
The JV also re-entered the Acosta well and on 2 February 2009 announced that it had completed the first phase of testing in the Miogyp. Perforations of the Miogyp resevoir experienced apparent formation damage limiting well bore entry which is most likely caused by the close by original well bore. An acid treatment program was successfully completed and the well flowed formation fluid which contained no oil. A program was been prepared to test the Camerina formation which was not expected to be impaced by formation damage to the same degree as the Miogyp formation. Earlier sidewall cores of the Camerina indicated better oil saturations than the Miogyp. A treatment and testing program continues to be evaluated in conjunction with other alternatives in maximising the value of the well.
A Reserve Study is presently being undertaken to determine the reserve size of the Bullseye prospect.
