while we were distracted..., page-3

Also waiting on news of big brother JV, has the 3d been handed over for big bro to work out a forwrad drilling plan??



ASX/Media Release 13 January 2012
NAPOLEONVILLE FARMOUT COMPLETED
The Board is pleased to advise that it has completed a partial farmout of parts of its interests at the Napoleonville Salt Dome to a private US onshore oil and gas company.
The terms of the farmout are summarized below:
? Reprocessing and re-interpretation of the seismic (at no cost to GGE).
? Partner will have 6 months from receipt of seismic data and tapes to propose a deep well targeting the highly prospective Marg Vag/Cib Haz structures and will then have a further 3 months to propose a second Marg Vag/Cib Haz well with both wells drilled by 31 March 2013.
? The partner is earning 57% to 63% with all other partners farming out while Grand Gulf will retain between 17-19% working interest in the Project and will be required to pay between 11.5-13% towards costs associated with dry hole drilling costs of these prospects.
? The Desiree Prospect and the currently producing Dugas & Leblanc Field have been excluded from this farmout. The D&L#3 well is presently producing over 265 barrels of oil and 1 million cubic feet of gas per day. The Company has a 40% WI in this well.
This farmout will provide Grand Gulf with a dedicated partner who has the significant and specific geological and geophysical expertise warranted for a project of this size and complexity. The Board is very pleased with the completion of this farmout and looks forward to working with its new partner.