**announcement, could be hot**

hi guys..

today announcement, in this climate might see this run.

plus when you read announcement, they have some planned drilling coming up very soon. this might also grab investors interest..

if they can strike some oil, then i'd suggest share price will be much higher than it is at present.

comments welcomed.

Via electronic lodgement
of Golden Gate Petroleum Ltd is pleased to announce that testing of the Syd – A1 well in
Bethany has confirmed a commercial gas flow at a stabilised rate of 420 mcf per day through a 9/64
to 500 mcf per
ngements will now be made for the well to be tied into a nearby pipeline (approximately 500
d to take one to
of the reservoir
mains untested
a future testing
and three potential
oil zones between depths of 1,000 to 4,000 feet giving a high probability that each well will intersect at
There are a number of positive results from this discovery. The Company has a 100% working interest
d consequently
es of US$7 per
$1.8 million.
ated exploration
ed and drilling of
scoveries in the Bethany lease
benefit from low development and production costs and short lead times between discovery and
commercialisation. This means that even low production rates remain economic especially in today’s
environment of strong energy prices.
The managing director of Golden Gate, Mr. Sam Russotti commented “We are delighted with the results
of our first well as operator. Drilling any well at a 100% equity level is always a big risk; however, we
were confident in our technical assessment of the Bethany project. The discovery at Syd – A1 reenforces
our existing plans for a concentrated exploration effort at Bethany. Our aim is to complete as
many wells as possible in order to take advantage of the prevailing high energy prices.
GAS FLOWS AT SYD – A1
The Board
inch choke. Flowing pressure was a stable 650 psi leaving scope to open the well up
day. Arra
metres from the well) and a gas sales contract will be finalised. This process is expecte
two months.
This test result is above the Company’s expectations considering the shallow depth
(2,851 feet).
In addition to this producing zone there is at least another gas zone in this well that re
and three oil zones that will require further testing. These zones will be the subject of
programme. Throughout the lease there are a minimum of four potential gas zones
least one or two, if not more, of these zones, resulting in a low risk drilling programme.
in the Bethany lease and as a result of Syd – A1 the Company’s current production an
revenue will more than double. At 500 mcf per day production rate and current gas pric
mcf Syd – A1 will increase the gross annual revenue of the Company by approximately A
The success at Syd – A1 re-enforces the Company’s existing plans for an acceler
programme on its Bethany lease. The next two well locations have already been survey
the next well is planned to commence around mid November.
Due to the onshore location and proximity to existing infrastructure, di

~ 2 ~
in Padre Island.
e are optimistic
t Homerun also
s mean that it is
fields, LaPlaya
and ready to go), Homerun and Bethany. This would give Golden Gate a total of 5
producing fields generating healthy cash flows to apply towards its exploration efforts in both Bethany
and Padre Island.”
On behalf of the
“We are also delighted with the results of the recent flow test of the Homerun – 1 well
The test confirmed a commercial flow rate of gas and condensate from zone 2 and w
that future testing will result in further commercial flows from this well. The results a
significantly upgrade the other prospects in the Padre Island portfolio. These successe
probable that over the next few months Golden Gate will have an additional 3 producing
Deep (tied in
For further infor