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GGE - Grand Gulf Energy

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:)

Hi folks,

GGE ... let's run with another oiler this week (previously Alto Energy?),
with a new well going down in USA.

A positive time cycle suggests some good news early in the week, with
another minor and positive cycle to come into play next Friday, too.

Two significant cycles should put a positive spotlight on GGE,
about 19-20092007, as well ..... :)

happy days

paul

:)

=====
 
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Re: GGE - Grand Gulf

Market cap of 9 million, SP currently at .012c. By my calculations GGE retain 34.5 percent of the Napoleonville Salt Dome after they complete their requirements, first drill is due this month.

Farm out to GGP

On 5 March 2010 the Company announced it had farmed out a 15%
working interest in the Napoleonville Salt Dome to Golden gate Petroleum
Ltd (ASX Code: GGP).

The final agreement was concluded on 31 March 2010 and under the terms
of the agreement GGP will pay 23% of all drilling and completion costs to
earn a 15% working interest, in addition GGP will pay US$300,000 to
participate in each three well program, the first payment has been made.

Grand Gulf announced on 12 January that it had reached agreement with
Waterloo to earn a further 21.5% of the Napoleonville Salt Dome Project.
Under this agreement Grand Gulf also becomes operator of the project.
Pursuant to the Golden Gate agreement Grand Gulf will retain operatorship
but reduce its expenditure commitment for each well drilled thereby being
able to drill more wells with existing finances. The Golden Gate farm out is at
the same value per percentage point as the Waterloo farmin.

Drilling

Preparations have begun to drill the first three well
program with the initial well expected to spud in May
2010. The first three wells are targeting a total of 9.2 BCF
of gas and 1.6 MMBO of oil at shallow depths from 5,000
feet to 10,000 feet with over half the targeted potential
classified as low risk proven undeveloped reserves (PUD’s).

Well #1

The first well is testing the Big Hum and Operc Sands with
an amplitude anomaly targeting 1.2 MMBO and 3 BCF
gas. If the well is successful initial flow rates are expected
to be around the 200+ barrels of oil per day and 1,000
MCF per day. Total dry hole costs are estimated at
US$800,000. GGE will have 39% of the first well.

Well # 2

The second well is testing the Operc C and Cris R II Sands
as primary objectives with 300,000 barrels and 1.2 BCF of
gas classified as a PUD with further upside in secondary
exploration objectives in the Marg A and Cris R I of
300,000 barrels of oil and 1.2 BCF of gas. If the well is
successful initial flow rates are expected to be around
the 200+ barrels of oil per day and 500 MCF per day.
Total dry hole costs are estimated at US$700,000.

Well #3

The third well is testing a primary objective in the Big Hum
sand with 5 BCF classified as a PUD and targeting further
exploration upside objectives in the Tex W of 100,000
barrels oil. If the well is successful initial flow rates are
expected to be around the 5,000 MCF per day and 100+
barrels of oil per day. Total dry hole costs are estimated
at US$800,000.
 
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Spud of the first well should be either announced this week or an update of how far away the rig is if there have been further delays, 3 wells drilled back to back from the spud of the first well so should be a bit of interest.
 
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Its time to get excited about this stock with yesterdays announcement only the start.

GGE announced a well discovey at thier Napoleonville Salt Dome project of over 120 feet. With the prospect of over 60 prospects at this project why wouldn't you be excited.

In the next two weeks there will be a few updates with regards to flow test results as well as the spud of Well #2. I will be watching with great anticipation.

This stock looks good for short and medium term.

Enjoy.
 
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Realized today this and GGP - Golden Gate Petroleum
are linked in their Dugas & Leblanc #1 Well

Code:
Partners in the Dugas & Leblanc #1 Well are:
Grand Gulf Energy Ltd (ASX: GGE)	39.50% WI
Golden Gate Petroleum Ltd (ASX: GGP)	15.00% WI
Other partners				45.50% WI

today GGP announced:

Napoleonville-- Dugas & Leblanc #1 Well, Assumption Parish,
Louisiana, Operator 39.5% WI
Following the announcement dated 22 July 2010 the Board
advises that the Dugas & Leblanc #1 well has been deepened to
8,080 ft and has logged an additional 6ft of sand below the shoe
and an additional interval of a further 28ft of pay in the Operc
Sand.
This increases the total logged pay to over 160ft of pay over 4 pay
sands.
During the initial deepening and circulating, the well produced
significant oil to surface into the mud tank.

oh and GGE SP up 5%
and GGP SP up 3%
 
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SP down 5% today , after some news that drilling has not gone as expected.

news last Friday

Golden Gate advises that preparations are underway to bring the Dugas & Leblanc # 1 well under control. Cudd
Pressure Control, experts in well control, are preparing the location to move in the well control equipment with the
expectation that all equipment will be readied and on location by Friday, 13 August 2010 (US Time). Following which
the well control exercise will commence.

then news today

Grand Gulf advises that the Operator, Mantle Oil & Gas LLC of the Dugas & Leblanc # 1 well reports
that attempts to control the well will now be handled by a two step approach with a separate relief
well to be drilled in order to intercept the Dugas & Leblanc #1 well while work continues on the
existing well bore .
The rig which previously was going to be used to drill the Sager #1 will now be placed on a new location
and will commence drilling in the next 2 days. It is anticipated that this well will intercept the original
well bore within 6 days from commencement of drilling.
Concurrently attempts will continue with the Dugas & Leblanc #1 well by first removing the sand and
material away from the well bore followed by severing the top of the existing casing in order for a BOP
to be re-attached to enable control of the well bore.
 
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SP down 5% today , after some news that drilling has not gone as expected.

news last Friday

Golden Gate advises that preparations are underway to bring the Dugas & Leblanc # 1 well under control. Cudd
Pressure Control, experts in well control, are preparing the location to move in the well control equipment with the
expectation that all equipment will be readied and on location by Friday, 13 August 2010 (US Time). Following which
the well control exercise will commence.

then news today

Grand Gulf advises that the Operator, Mantle Oil & Gas LLC of the Dugas & Leblanc # 1 well reports
that attempts to control the well will now be handled by a two step approach with a separate relief
well to be drilled in order to intercept the Dugas & Leblanc #1 well while work continues on the
existing well bore .
The rig which previously was going to be used to drill the Sager #1 will now be placed on a new location
and will commence drilling in the next 2 days. It is anticipated that this well will intercept the original
well bore within 6 days from commencement of drilling.
Concurrently attempts will continue with the Dugas & Leblanc #1 well by first removing the sand and
material away from the well bore followed by severing the top of the existing casing in order for a BOP
to be re-attached to enable control of the well bore.

SP down 11% off this news , not sure where it is headed from here pending the news it might experience a nice pick up.
 
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down 28% today after financial report release and update on well operation.

Haven't had a look through financials but that's a big hit.
 
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From Todays Report:

Fundraising and ongoing Financial Support
The Company’s financiers, being Macquarie Bank, Seaspin Pty Ltd and Skye
Equity Pty Ltd have agreed to continue to support the Company through
the testing phase of the Dugas & Leblanc #2. The non renounceable rights
issue as announced on 7 October 2010 and other capital raisings will be
delayed until after testing of the Dugas & Leblanc #2 well.


I am glad to see them take this risk and attempt to add share price value before establishing a capital raising price.

HOLD
 
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Interesting developments seem to be happening with this stock. Several wells coming online and CR's done. Worth a watch this one IMO.

Oz
 
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Hmmmmm
Looks to me that this stock is being manipulated. I wonder why?
Doesnt appear to be MacBank.
Probably lose my job saying that.
But Im sure I will get the answer soon enough.
Not sure why this hasnt budged as all the current results look good.

Hapless maybe?

Oz
 
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Hi

Well worth an update on this one.
Currently:
$6.5mil in the bank from sale of La Posada
D&L#3 bringing in $180k a month
Abita coming online in Jan 2012 bringing roughly the same revenue.
Grizzly hitting hc @ 10600ft in a TD of 13000ft
A busy 2012 drilling program.

Cheers
Oz

Disclosure:Hold
 
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I entered GGE as my pick in the November Stock pick Competition purely as a spec. The short term chart appears to be OK but it is in the Oil and Gas sector which appears to be one for the immediate future.

bux
 
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