8 February 2010Market Release (via electronic...

8 February 2010
Market Release (via electronic lodgement)
DISCOVERY - FAUSSE POINT WELL
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 begun testing the initial zone of interest in the lowest of three identified hydrocarbon
formations. Perforation of this first zone of interest resulted in an immediate pressure build at the surface.
The pressure increased as the well bore liquid was unloaded (produced) and gas was registered at the
surface along with a high percentage of clear high gravity distillate (light crude oil or condensate). For logistic
and safety reasons the well was shut in until Monday USA time when production testing will be continued to
determine flow rates and the commercial significance of the discovery.
The Fausse Point well has encountered three distinct gas and oil formations starting at 7,000 ft. There have
been several zones of interest across all three major formations with indications of hydrocarbons. The lowest
formation includes several zones of interest including the zone just perforated that indicated good
permeability, porosity with oil/condensate recovered in the sample cores and has now flowed hydrocarbons
to surface.
Comments
The initial testing of the hydrocarbon discovery in the first zone of interest is very encouraging at this stage
and provides increasing confidence about the numerous other zones that have also encountered
hydrocarbons. Extended production testing operations will be conducted throughout this coming week. If the
first zone just tested confirms a commercial result, testing will cease and preparations will begin to bring the
well onto production.
The GGP Board is very pleased with the results to date which seem to confirm its expectations and now looks
forward to the extended production testing operation to determine the commercial significance.
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
Details of the Fausse Point project are summarised on the next page.
On behalf of the Board of Directors