Golden State Resources inks 85% increase in reserves at Golden Eagle field
Golden State Resources (ASX: GDN) has announced an 85% increase in discovered gas initially in place (GIIP) by RPS Energy at the Golden Eagle Gas Field in Grand County, Utah, USA.
The Golden Eagle Gas Field has already achieved over 40% of the indicated GIIP (90%) target of 50 Bcf which was predicted in the original 2006 prospectus.
Substantial increases in discovered GIIP include:
- P90 up 85% from 9.0 Bcf to 16.7 Bcf;
- P50 up 91% from 31.5 Bcf to 60.4 Bcf; and
- P10 up 109% from 101.0 Bcf to 212.0 Bcf.
Richard Sciano, managing director, said, “The area which provided the bulk of the RPS data collection for GIIP (90%) represents only a very small part of the field.”
“In light of the fantastic RPS result, with the large area and lower formations still to be discovered, it is reasonable to conclude that the original indicated target will be exceeded by a substantial margin.”
Golden said they remain fully committed to discover the gas and liquids contained within the Golden Eagle Gas Field, including the Leadville Limestone, and it has immediately embarked on preparation work to lodge an application for a series of new well locations.
Golden is currently receiving tenders to build a pipeline and gas plant, after commissioning a deliverability and development study.
The gas plant will process production from Paradox Basin #1 & 3 which will then be connected to the Williams distribution network through a ten kilometre gas pipeline.
Golden State’s working interest in the permit is 100%.
Story by ProactiveInvestors
Read the original story at ProactiveInvestors
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