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CYCLIQ GROUP LTD — Capital/Financing Update 2008
Sep 8, 2008
64746_rns_2008-09-08_0dd4aec2-c050-4e45-a98d-4c74bc3f1932.pdf
Capital/Financing Update
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( A B N 3 4 0 9 0 0 7 4 7 8 5 )
1[st] Floor, 8 Colin Street West Perth WA Australia 6005
Telephone: +61 8 9324 1177 Facsimile: +61 8 9324 2171
PO Box 453 West Perth WA Australia 6872
Email: [email protected] Website: www.ggpl.com.au
9 September 2008
Market Release (via electronic lodgement)
PADRE ISLAND UPDATE
Manzano Shallow Development well – (Dunn McCampbell 11A) BNP Operator, GGP WI 35%
The Company advises that the Dunn McCampbell 11A is presently producing an average rate of 1.7 mmcfd over an extended production testing period following a perforation of a 2-4 ft interval above the previous producing zone.
Partners in the ST991#1 & Dunn McCampbell 11A wells are:
Golden Gate Petroleum Ltd (ASX: GGP) 35.00% WI Modena Resources Limited (ASX: MDA) 15.00% WI BNP et al 50.00% WI
La Playa #2 (La Playa Prospect), Padre Island, Tx, GGP 20% WI, BNP Operator
Following the Company’s release on 1 July 2008 the production rate on La Playa #2 has continued at an average of 1.3 mmcfd.
Kindee ST 949 #1 (Wilson Prospect), Padre Island Texas, Operator 58.23% WI
The Company advises that the Wilson well (ST 949#1) is presently shut-in, pending a workover to assess a possible mechanical problem associated with the tubing/packer seal within the well. Prior to shut-in, water production from the well increased significantly, coupled with a reduction in production volumes.
The Company will advise the market once these works have been completed.
Partners in the ST 949 Kindee #1 well are:
Golden Gate Petroleum Ltd (ASX: GGP) 58.23% WI Modena Resources Limited (ASX: MDA) 10.00% WI Pantheon Resources Plc 31.77% WI
On behalf of the Board of Directors
For further information contact:
Steve Graves Mark Freeman Managing Director Director Phone +1 805 469 4656 Phone +61 8 9324 1177
Golden Gate is an independent oil and gas exploration and production company listed on the Australian Stock Exchange. Its focus of operations is onshore Texas and Louisiana Gulf Coast region of the USA.