Today, Golden State Resources (ASX: GDN) received welcome news today that reinforced early views that the Ismay Formation in Paradox #2 well would be the most prospective for gas in the well.
Perforation of the Ismay Formation has been completed and pre fracture the well flowed gas at an average of 237 Mscf/day.
These rates are similar to those observed in Paradox Basin #1 prior to fracture stimulation.
Confirmation of live gas in the Ismay Formation in Paradox Basin # 2 extends the lowest tested gas in the Ismay Formation by 317’ (96.6m).
This confirms an appreciable increase in the known area within closure for the Ismay Formation. Current mapping indicates there is also several hundred feet of closure up dip from Paradox Basin #1.
The current plan is to conduct a series of injection tests and determine key parameters required to design the fracture stimulation. The Fracture Stimulation operations will commence on Thursday (US Central Mountain Time).
They will be followed by a cleanup flow and the well will then be flow tested. Flow testing and build-ups will take at least 12 days in order to conduct extended production tests and shut-ins with suitable build-up times.
Paradox Basin #2 has appreciably increased the Ismay Formation gas accumulation in the Golden Eagle Gas Field. If the fracture and subsequent flow tests are successful the well will be completed as a gas producer.
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