Golden Gate Petroleum advises that the Jumonville # 2 well is currently at 12,575 feet and drilling ahead. The third of four objective intervals, the Miogyp Formation, has been penetrated with oil shows recorded on the mudlogs. The hydrocarbon shows and results thus far are consistent with pre-drill estimates.

The Jumonville # 2 well has encountered approximately 20 feet of Miogyp sand formation which has been confirmed as being up dip from the current oil production from the Miogyp interval in the Jumonville # 1 well which is located some 1,000 feet from Jumonville #1. The results to date are consistent with Jumonville 1 and importantly confirms the distribution of this reservoir across the field. Sidewall cores have been taken and will be evaluated in the coming weeks.

As reported earlier, oil and gas shows were also recorded across the other targets in the well which include the shallower Marg Vag and Camerina intervals. Further evaluation of these secondary objectives are required to determine their significance, whilst drilling continues to the deeper primary target which should be reached over the coming week.

The primary exploration target in the Jumonville # 2 well is the deeper Cib Haz reservoir which is contained in the same hydrocarbon trap as the shallower productive intervals. The Cib Haz Formation is an exploration target based on 3D seismic, it appears to be several times larger than the Miogyp Formation or any of the other targets encountered to date in this structure.

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