fp update from ggp

From this afternoons GGP 1/4ly:

The original TGR#1 Well at Fausse Point had been extremely encouraging in that it discovered hydrocarbons over
multiple levels, However, patience and some very time consuming detailed technical work was required to fully
understand each of the zones so as to optimise any appraisal drilling operation.
Based on the significance of the test results of the TGR #1 discovery well, the commitment was made by the partners
to acquire more 3-D seismic, reprocess the data and complete the interpretational work.
This has been an expensive and time consuming process and is now 100% complete, however from the reinterpretation
and information developed it appears the time and effort has paid off with new significant targets which
can be drilled at low cost.
Verus Investments Limited (ASX:VIL) 72% WI are yet to finally commit to the project although they have announced
that they expect the drilling of the Sidetrack Well to commence in the second quarter of 2012.
Fausse Point – New Shallow oil Target, Iberia Parish, Louisiana, Operator, 18% WI
By utilising the reprocessed 3D seismic covering 50 square miles of the Fausse Point Salt Dome, the Company has
been able to identify a separate shallow oil target within the Area of Mutual Interest (AMI) shared by the working
interest partners at Fausse Point.
This new objective is an oil sand approximately 3,000 feet measured depth and covers approximately 200 acres. The
potential recoverable resources estimated at this early stage is approximately 2.4 million barrels of oil in a 100 acre
trap assuming 30% recovery factors. The sands are estimated to be 70 feet thick with good porosity. There are
analogue wells which have produced from these sands which are located around the Fausse Point Salt Dome.
The Company is continuing to complete the leasing of the targeted are and is examining potential drill sites within the
wetland area. Given it is a valued oil prospect and the ease of drilling the shallow depth, the Company is moving
ahead with the development of this prospect. Permitting will take time to complete.
Partners in the Fausse Point Projects are:
Company WI
Golden Gate Petroleum Ltd 18%
Verus Investments Ltd (ASX: VIL) 72%
Other Partners 10%