from ggp quarterly, page-13

The Board of Golden Gate Petroleum Ltd (ASX:GGP) is pleased to provide the following update on the Fausse Point
project, which is located onshore Louisiana, approximately 140 km west of New Orleans.
Our partner, Verus Investments Limited (ASX: VIL) is reviewing the option to farm out a portion of their 72.0% working
interest in Fausse Point. As the farm out proposals will need to be reviewed, the side track to the TGR # 1 well will be
delayed several months. We will advise the market on a new expected date to commence the side track operations as
soon as it becomes available.
Both GGP and VIL remain fully committed to the Fausse Point project. The appraisal well planned to be drilled at Fausse
Point as a side track to the TGR # 1 well will be targeting a potential 200 acre hydrocarbon accumulation over two
primary intervals up dip from the original well. The fault block to be drilled has no previous penetrations of the targeted
pay interval and is estimated to contain up to 20 BCF (3.5 mmBOE) of recoverable hydrocarbons on an un-risked basis.
The new well is planned to be drilled as a deviated well from the exiting pad to approximately 9,950 ft with the
targeted intervals being approximately 920 ft from the TGR # 1 Well. The side track will utilise the existing wellbore and
will require approximately 2,300 ft of new wellbore to be drilled at a maximum deviation of 37 degrees. The cost of the
side track is approximately $1.3 million of which $235,000 is GGP’s share.
Seismic data suggests the new targeted interval is a sand shale sequence with multiple sands in an up-thrown fault
block that closes against salt with the up-dip part of the trap believed to be below a salt wing where the reservoir sands
are “stray” channel sands. At least one of the new targets ties back to a nearby producing well. The pay found in the
TGR 1 well proves hydrocarbon charge and sand presence below the unconformity and the salt wing.
A detailed drilling proposal which includes a well drilling cost estimate has been prepared and new drilling permits are
being filed. The surface facilities including production equipment and gas pipeline remain in place. Additional leasing to
cover the new targeted structure has been arranged.
Partners in the Fausse Point Project are:
Golden Gate Petroleum Ltd (ASX code: GGP) 18.00% WI (Operator)
Verus In