massively undervalued 3.2 billion barrels potentia

Market cap $20mil Jamaica potential of 3.2 billion barrels of oil, have a look at other exploration oil companies market caps, also looking at further aquisitions, has risen lately on the back of broker presenations & wise owl putting a buy reccomendation with a target of .35, seems to have gone way under the radar & interest starting to take a good look, read below old announcement:

One to watch closely:



Gippsland Offshore Petroleum to Explore Prospective
Area of Offshore Jamaica
• In partnership with Finder Exploration Pty Ltd
• 10,000 km2 with historical oil shows under negotiation
• GOP and Finder technology to unlock potential of area.
Gippsland Offshore Petroleum (“GOP”) is pleased to announce that it
has agreed to form a joint venture with Finder Exploration Pty Ltd of
Perth. Together the two companies will explore the hydrocarbon
potential of offshore Jamaica.
GOP and Finder have lodged a joint bid for four exploration blocks
covering an area of approximately 10,000km2 in the Walton Basin,
offshore Jamaica, which is on the eastern flank of the oil and gasbearing
Nicaraguan Rise. Water depths range from 100m to 1000m
and preliminary mapping of the 36 known leads and their volumes
indicates potential for a total of 3,230mmbbls of unrisked oil in place.
The area is of particular interest because the basin contains good
quality source rocks and trapping mechanisms consisting of both
structural plays and reef plays. Ten of the eleven wells that have been
drilled previously had oil shows and together with the presence of
known natural oil seeps, prove there is a working hydrocarbon
generating system.
No exploration has been carried out in the Walton Basin since the
1980’s because of the poor quality of seismic data historically
collected in the area. Recent reprocessing of some of this data has
generated new undrilled play concepts in the deeper part of the basin
and also in the extensive reef systems.
Finder is an Australian independent oil company with particular
expertise in state of the art reprocessing of seismic data and in the
application of long offset seismic methods. GOP has expertise in the
design and application of airborne magnetic and gravity surveys. The
partners believe that the combination of these skills will be key to
successful exploration in the deep, intra-reef and sub-reef sections of
the Walton Basin.
Page 2
The Joint Venture application for these four blocks (as shown in Figure 1) is for an exploration
programme over a period of 5 years and includes a programme of seismic data reprocessing,
airborne geophysics and acquisition of new long offset seismic data leading to the drilling of a
well in each of the blocks.
Both companies are currently involved in negotiating final PSC (Production Sharing Contract)
terms with the Petroleum Corporation of Jamaica with final contract expected in early November
2005.
Participating interest in the Jamaican joint venture will be:
Gippsland Offshore Petroleum Limited 50%
Finder Exploration Pty Ltd 50%.
Figure 1 - Gippsland and Finder bid area (blocks 7, 10, 11 & 12)
For further details please contact:
Cathy Norman