Golden Gate Petroleum Limited provides the market with an update on the #6 Well which is part of GGP's Permian Project in Texas, USA.

6 Well

The #6 well reached 8,355 ft after penetrating the Spraberry, Dean and the three benches of the Wolfcamp intervals. Gas shows with readings above 3,000 units were experienced across several of the intervals. Oil florescence was also recorded across the primary targets in addition to oil circulating to surface while conditioning the hole. Given some instability in hole conditions, it was decided to TD the well at this depth. 5 1/2 inch casing was successfully run and cemented in place. The rig has been released within the planned time horizons set for this well. An analysis of the well data along with information obtained from GGP's four nearby wells will be conducted in designing a fracture stimulation program for the Spraberry/Dean and Wolfcamp intervals.

The #6 well is the sixth well to be drilled by GGP in the Permian Project and is located on the same lease as the previous four vertical wells, where we have all rights to all formations down to the Strawn interval. Drilling the #6 well meets our drilling obligations under the continuous drilling requirement for this lease.

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