The board of Golden Gate Petroleum Limited (ASX:GGP) is pleased...

The board of Golden Gate Petroleum Limited (ASX:GGP) is pleased to announce
the sale of its Bullseye project and Jumonville wells. All working interest
partners have agreed to sell 100% of the project for US$1.5 million. GGP’s net
proceeds (after the costs associated with the sale) are approximately
US$750,000.

Partners in the Bullseye project are:
Company WI
Golden Gate Petroleum Ltd 54.25%
Pantheon Resources Plc 11.25%
Verus Investments Ltd (ASX:VIL) 10.00%
IB Daiwa Corporation 8.00%
Quest Petroleum NL (ASX:QPN) 5.00%
Other Partners 11.50%