Ann: Fausse Point Well Update , page-59

"Does this mean the first test is for oil?"

Well luvsfootie it all depends.

What GGP is saying is that they have determined a suitable testing section in the well
("The lowest interval includes several zones of interest with the initial zone to be tested showing good permeability, porosity and oil/condensate in the sample cores.")
So they have an "initial zone to be tested" in the lowest interval in the well.
Now the core at that zone had signs of either oil or condensate (presumably too hard to tell from the sample). It could mean there is oil at that zone or it could mean that it is gas which will then form a condensate once it flows to the surface. It could have formed the condensate when it came in contact as the core was taken perhaps.

But it is no guarantee that if there is oil there at that point that it in commercial quantities or that it can flow easily into the well.

Wait for the testing before shouting "Gusher"