Golden State Resources Limited (GDN) is an ASX-listed public company with headquarters in Perth, Western Australia. Floated in 1996, the Company is primarily focused on oil and natural gas exploration in the USA and gold projects in the Eastern Goldfields region of Western Australia.
Golden State Resources drilling on target at Paradox Basin # 3 in Utah
10th Mar 2010, 10:09 am
US focussed oil and gas company Golden State Resources (ASX: GDN) has updated shareholders on the progress with drilling operations at its Paradox Basin # 3 (PB#3) production well, its third well on the Golden Eagle Gas field in the highly productive Paradox Basin region of Utah.
Drilling of the PB#3 production well commenced on 27 January 2010 and operations are proceeding to plan.
The well is currently at 8,532’ in 8 ¾“hole and drilling ahead with a new bit and modified bottom-hole assembly. Drilling is progressing well and it is anticipated to reach the top of the prospective Paradox Basin later this week.
Background gas is averaging 10 to 20 units with localised peaks of up to 66 units. Connection gas has reached 206 units. Since the last report the bit has been replaced and the hole reamed and conditioned.
The Honaker Trail Formation was intersected high to expectation at 7,795’ which is 344’ higher than the intersection in Paradox Basin #1. As a result it is expected the Paradox Formation will also be appreciably updip of the Paradox Basin #1 discovery well.
Paradox Basin #3 is targeting crestal production from the Pennsylvanian Paradox Basin.
The well has a current lateral reach extending approximately 3,100’ to the north of Paradox Basin #1 and is closing on subsurface targets in the Paradox Basin Sequence.
The Paradox Formation is expected to be intersected above 9,941’ and the Ismay Formation is expected at 11,063’.
The Paradox Basin is richly productive. Currently home to 171 oil and gas fields containing estimated recoverable reserves of one billion barrels of oil, or six trillion cubic feet of gas.
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