Ann: Entitlement Issue Take Up , page-13

The board is pleased to advise that shareholders have made entitlement applications for 179,571,950 shares
and also applied for 128,557,069 additional shares, a total of 308,129,019 shares.
The total amount received from shareholders was $5,238,193.
The Entitlement Offer was for a total of $4,488,576.

Nice to see the demand in the market.Supply v demand is in holders favour in this instance, not enough to go around so like I mentioned earlier today,the big test is upon us.Will holders sell for a quick buck ? or will they smell the roses and hold for the inevitable SP appreciation and company re-rating ?


I am holding long term as I truly believe, GGP is the only smallcap oiler on the ASX ( that I know of ) with so much potential.The acres we have is second to none because it's proven many times over.No second guessing,no test wells,just get the bit in the ground and get the oil out.

I followed ( and held )SSN very closely for a couple of years and studied her plays as best I could.Let me say,in all honesty, SSN has a very bright future ( not holding now ) in the ND and MON bakken alone.The Montana bakken is yet to prove itself as does the SE WYO niobrara.SSN daily production from their 6 wells ( which are not 100% SSN )is less than 200 a day ( last quarterly ).This figure will certainly climb and will climb very quickly when the Roosavelt project is up and running late 2012.( the numbers should be higher right now as they currently have Defender running and producing in the niobrara )

Compare the 200bopd with what GGP is about to ann.We are very close to having 4 wells running and i am expecting that our production should be conservativly speaking greater than 350bopd.

With 10 wells to be drilled in the next 12 month's ( 6 vert and 4 hor )I am anticipating a production figure at the completion of those wells to be around ( 6 x 90 = 540bopd )verticle's and with our 4 horizontal's I will give a conservative IP for a long lat of 650bopd each ( Molopo and pioneer have had 700 plus )650 x 4 = 2600 bopd

So 10 wells complete and in full production I have come up with a pretty conservative figure of 3,100bopd.Allowing for the respective decline curve after 10 month's I have come up with (250 x 4 = 1,000bopd horizontal's,90 x 6 = 540bopd)So after 10 month's of production I have come up with a figure of 1540bopd and that is 100% GGP's.

So in my eye's both coy's have a positive future and SP appreciation coming but,GGP is an absolute stand out for me for the reasons I have mentioned above.Lots more to like about this company and thats why we have a major player ? chasing us to get a piece of the action.Our 1st horizontal is about to be drilled and that will change the GGP story considerably.

We are all in for a very positive 2012 and beyond that I am sure of,I can feel it in my loin's :)

If people think I have been to conservative or wrong with my figures, I would be very happy for others to put up their ideas on future production numbers.