The Directors are pleased to announce that the Company has...

The Directors are pleased to announce that the Company has reached a major milestone in proceeding with its entry into the very attractive East European oil and gas rich sector. Golden State has executed the agreement which gives the Company an initial 62.1% beneficial interest in the Povorotnoye gas/condensate field located in the Autonomous Republic of Crimea, Ukraine. With respect to details of the agreement, further information may be found in the Company’s announcement to the ASX dated 17 October 2011.
Settlement is set to take place at the end of January 2012, with spudding of the first well scheduled to take place prior to the end of June 2012.
Operational management of the field will be conducted under a Joint Activity Agreement with Crymgeologica, the State body controlling oil and gas operations in Crimea.