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TESTING UP TO SIX INTERVALS AT FAUSSE POINT

The Board of Golden Gate Petroleum Ltd (ASX:GGP) is pleased to advise the T.G.R. Land Company, Inc #1
well at Fausse Point has been successfully completed and the well is now being prepared for an extensive
testing operation which will include the testing of up to six intervals identified with potential hydrocarbons.
Testing is expected to begin in approximately 10 days.

The well has encountered three separate gas and oil formations starting at 7,000 ft. There have been
numerous zones of interest encountered across these formations. The lowest formation which extends over
300 feet has recently been logged and includes several zones of interest with some showing good
permeability, porosity and oil/condensate in the sample cores.

Preliminary geologic analysis has identified six primary zones of interest across these formations and these
have been selected for testing hydrocarbons. The intervals to be tested total approximately 120 ft.

Fully understanding these zones of interest to be tested across 120 feet and potentially other zones, requires
further evaluation and analysis to more precisely determine the mineral composition, porosity, permeability,
grain size and cementation of the zones of interests. Petrology is currently being done on sidewall cores and
drill cuttings. This extensive evaluation will assist in the petrophysical analysis to help further refine the
planned testing and completion programs.

The current proposed extensive testing program will start with the lowest interval and then sequentially test
each interval on the way up the hole. If the first interval proves commercial, testing will in most likely hood
cease and preparations will begin to bring the well onto commercial production. Other zones may then be
evaluated as part of a future appraisal program which will include drilling other wells.

Comments

The gas shows and oil indicators over the three formations are very encouraging. As such, a testing operation
has been planned which will help evaluate the commercial significance of the oil and gas encountered in this
well.

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