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drilling commenced at west lake boudreaux

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    SL 18892 #1 West Lake Boudreaux Prospect, Terrebonne Parish, Louisiana, Non-Operator 20% WI Golden Gate petroleum (GGP) is pleased to announce drilling operations have commenced at the West Lake Boudreaux prospect in South Louisiana with the SL 18892 #1 well.

    GGP has a 20% working interest in this new prospect. There are four main targets with a total P50 prospect size estimated at 115 billion cubic of gas equivalent. It is expected to take approximately 45 days to reach a planned total depth of 13,900 feet.

    The West Lake Boudreaux prospect provides another high impact opportunity following on from the Company’s
    recent success at Bullseye. This continues the Company’s strategy to diversify prospects along the US Gulf Coast. A
    summary of the West Lake Boudreaux prospect is provided below.

    West Lake Boudreaux Summary

    �� P50 Prospect size is 115 Bcf gas equivalent with GGP’s share approximately 13 Bcf gas equivalent

    �� High flow rate potential in excess of 5 million cubic feet of gas per day

    �� Dry hole cost net to GGP of approximately US$1.3 million

    �� Net revenue interest after back in rights of 11.25%

    �� Four main prospective targets between 12,000-15,000 feet

    �� All targets are known to be productive in local area

    �� Prospect is considered relatively low risk due to the existence of amplitude-anomaly direct hydrocarbon
    indicators in productive adjacent analogue fields

    This new prospect is an important part of the asset base as it offers a moderately low exploration risk and a high
    success case rate of return. As a non-operated partner GGP can diversify its activity base and still concentrate its
    operational activity on other core projects, in particular our Bullseye operations.

    Drilling operations will be conducted by an experienced operator with a significant working interest participation in the project and a successful track record of local exploration and development.

    The West Lake Boudreaux prospect offers several attractive target reservoir intervals in the Miocene Tex W interval
    at depths between 12,000 and 15,000 feet. The initial well should encounter four sets of sandstone reservoirs
    occurring in three independent trap types, including dip-closure traps against faults and stratigraphic traps. All of
    the reservoirs and traps that will be investigated in the first well are known to produce gas and oil in adjacent
    fields, with typical initial gas rates in excess of 5 million cubic feet of gas per day. For some of the potential
    reservoirs, amplitude anomalies in the 3D seismic survey indicate gas-charged reservoirs (confirmed by drilling in
    adjacent fields), and mapping from the 3D survey allows good delineation of these accumulations.
    The West Lake Boudreaux prospect has relatively low risk because of the combination of amplitude-anomaly direct
    hydrocarbon indictors, production from adjacent analogue reservoirs, and the possibility of multiple stacked gas
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