GGP 0.00% 0.6¢ golden gate petroleum ltd

vil ann

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    Verus Investments Ltd (Verus) is pleased to advise that the TGR Land Co. Inc #1 Well at the
    Fausse Point oil and gas project in Louisiana, has intersected good hydrocarbon shows over
    several intervals whilst drilling to the current drilled depth of 7,695ft.
    Due to another gas kick at approximately 7,580 ft and continued high levels of gas entering the
    well, it was decided to cease drilling to conduct electric logging operations and install an
    intermediate casing string before recommencing drilling. This casing protects the integrity of the
    potential discovery and allows the rig to safely drill to the next main targets.
    The intersected formations appear to be slightly higher than anticipated and paleontology work is
    being performed to determine how the formation actually sits in relation what was forecast.
    Electric logs and sidewall coring has been performed and the data is currently being analysed in
    order to better understand the significance and potential of the formation sands that have been
    drilled through. The electric logs have provided some indications of hydrocarbons in the Cris
    47 unit at approximately 7,000 ft, consistent with what has been seen in the mudlogs. 44-45
    deg API gravity oil indications are present in several of the sidewall cores taken over this
    interval. Further analysis is required before providing estimates of the thicknesses of the
    reservoir quality sandstone in these units along with interpretations of possible reserve potential.
    Intermediate production casing is currently being run to 7,695ft and once cemented and pressure
    tested, drilling of the well to the other targets will continue. This is anticipated to take a few days.
    Whilst the commercial nature of this hydrocarbon show has not yet been determined, this
    possible discovery, as well as the potential of the yet to be drilled main target, could be of
    significant value to Verus.
    This is a significant advancement for Verus and the Board acknowledges Kindee Oil & Gass
    experience, focus and dedication in drilling this well.
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