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Gulf Stream Energy Ltd (ASX:GSE)

ALERT: Price-sensitive ASX Announcement for GSE
Current share price for GSE : $0.003 0 (0%)+
Announcement
Release
16 Oct 2026 9:44AM
Price at Release
$0.003
Full Release
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Summary
Gulf Stream Energy Limited (ASX: GSE) announced that its 100%-owned and operated Zydeco-1 sidetrack well in Acadia Parish, Louisiana, reached total depth of 9,180 feet measured depth safely and without reported HSE issues, and wireline logs identified two separate oil discoveries: the Homeseeker B sandstone at 8,935 feet TVD, which was a primary target of the sidetrack, and the shallower Borsum Sand at 3,364 feet TVD, which may be evaluated independently due to its depth; the well was cased with heavy-wall 7-inch casing set about 378 feet above the undrilled Upper Tweedle target, preserving the option to drill and test that prospective high-pressure gas and condensate zone in a future phase without a new well, while no flow testing, pressure data, mud-gas logging or fluid sampling has yet been undertaken, no hydrocarbons have been discovered in the Tweedle, and the company stated that further evaluation work is needed to determine whether either oil zone has commercial recovery potential, with no reserves or resource estimates made in this announcement.
Key Points
  • Gulf Stream Energy announced two oil discoveries from the Zydeco-1 sidetrack in Louisiana.
  • Oil was identified in the Homeseeker B sandstone at 8,935 feet TVD.
  • Oil was also identified in the shallow Borsum Sand at 3,364 feet TVD.
  • The Zydeco-1 sidetrack reached 9,180 feet measured depth with no reported HSE issues.
  • Heavy-wall 7-inch casing was set about 378 feet above the Upper Tweedle, preserving future access to that undrilled target.
  • The Upper Tweedle is prospective for high-pressure gas and condensate but remains undrilled and untested.
  • The discoveries are based on wireline log interpretation rather than flow testing or fluid sampling.
  • Homeseeker B was reported with 5 feet net pay, 24% average pay porosity and 49% average pay water saturation.
  • Borsum Sand was reported with 12 feet net pay, 32% average pay porosity and 43% average pay water saturation.
  • Gulf Stream said further evaluation work will be outlined in a later announcement and no reserves or resources were estimated in this release.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.