12 May 2011Market Release (via electronic lodgement)FAUSSE POINT...

12 May 2011
Market Release (via electronic lodgement)
FAUSSE POINT PROJECT UPDATE
Fausse Point Prospect, Iberia Parish, Louisiana, Operator 18% WI
The board is pleased to update the market in respect to the company’s Fausse Point project.
Key Points
? First review of reprocessed seismic completed
? Significant structure identified.
? Fausse Pt 2 appraisal well location to be accessed from existing location.
Fausse Point Reprocessing and re-interpretation
Considerable work has been performed over the past three months in reprocessing and re-interpretation of the acquired
seismic covering the Fausse Point discovery well (TGR-1) which spudded in 2009, and surrounding region. Data from numerous
wells around the salt dome and particularly in the Fausse Point area has also been purchased and used to assist in the overall
interpretation and evaluation of the initial discovery.
Although the original 1994 3D seismic data has excellent signal quality, it contains various acquisition design problems. This
initially created some minor interpretational issues, however using modern day reprocessing techniques the data has now
been adequately reprocessed.
The initial review and assessment of the re-interpreted seismic has been very encouraging and has determined a well-defined
structure. The TGR-1 pay appears to be in an upthrown fault block that closes against salt, the updip part of the trap is probably
subsalt and the sand is possibly a “stray” channel sand.
Depth map from Seismic interpretation
2
The structure appears to be of considerable size and could potentially contain a significant volume of hydrocarbons.
The final bottom hole target will be accessible from the existing TGR-1 location with a sidetrack from the original wellbore. This
will significantly reduce the well drilling costs.
A drilling proposal and well cost estimate will be provided by the Company shortly for partner approval.
The company is encouraged by the reprocessing and re-interpretation work performed to date.
Partners in the Fausse Point Prospect are:
Company WI
Verus Investments Ltd (ASX:VIL) 72.0%
Golden Gate Petroleum Ltd 18.0%
Oakmont Minerals 10.0%
For further information contact:
Chris Ritchie
Financial Controller
Phone +61 3 9349 1488