we have oil!!

The Board is pleased to advise that a Key Energy workover rig commenced work at the Dugas & Leblanc #2 well on Friday 5 November. The top of the oil leg of the N sand was perforated on Saturday 6 November and immediately flowed back 10 barrels of load water. Subsequently, approximately 25 barrels of oil was recovered from the pits while killing the well with new load water in order to prepare the well for a gravel pack and a more comprehensive flow testing planned to be undertaken on Tuesday 9th November 2010(US Time).

A successful testing of the Dugas & Leblanc # 2 well will require a 2,200ft gas pipeline for connection to the Gulf South gas system and the construction of permanent surface facilities. It is expected to take approximately 5 weeks to complete all infra‐structure and begin commercial production.

The Operator of the well, Mantle Oil & Gas, arranged new insurance coverage of $US20m control of well and US$20m public liability umbrella coverage to insure sufficient coverage was in place for well testing.

The Companys share of costs to complete, test and establish surface facilities is estimated at US263,465.

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In summary: Most importantly

***-->> We have enough oil to go into commercial production in 5 weeks <<--****

Additionally:
* More detailed testing results due Wednesday Australian time (should be great since they're already stated they're going into commercial production)
* New insurance organised for the operator (Mantle)
* The cost to GGE in total for the well is minimal

Should see this positive announcement reflected in today's SP and the SP leading up to more conclusive results on Wednesday and as GGE goes into production

Congrats to those who held on... You shall now be rewarded for your patients.