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The Board of Golden Gate Petroleum Ltd (ASX:GGP) is pleased to advise that the TGR Land Co. Inc #1 well at
the Fausse Point oil and gas project in Louisiana had reached a depth of 8,117 ft before drilling was halted
temporarily due to very high levels of gas in the drilling mud.

Electric logging and side wall cores have now been performed over the current open hole section and analysis
of the data is underway to determine potential pay in the intervals where gas shows were encountered. The
deepest side wall core taken had smearing of 49 gravity API oil.

The Operator, Kindee Oil & Gas Louisiana, GGP subsidiary has modified the rigs gas handling equipment and
mud degassing equipment to allow the rig to continue drilling ahead safely to the target depth (TD) and cope
with the high levels of gas.

The rig is currently preparing to drill ahead. It is anticipated that drilling of the well to its target depth could
take another 6-8 days.

Further market updates will be provided as drill results become available.

Comments

Whilst logging and coring data have indications of hydrocarbons, the significance cannot be determined until
a full analysis is completed over the coming days. If warranted, a production testing operation will be
conducted once the well has been drilled to its target depth.

Partners in the Fausse Point Project are:

Golden Gate Petroleum Ltd (ASX code: GGP) 20.00% WI
Verus Investments Limited (ASX code: VIL) 50.00% WI
Pass Petroleum L.L.C. 30.00% WI