Gippsland Offshore Completes Private Placement

The Board of Gippsland Offshore Petroleum Limited has successfully completed a placement of 55 million shares at 11 cents per share. The placement, pursuant to section 708 of the Corporations act, to sophisticated and professional clients of Taylor Collison will raise $6.05 million before costs.

Shares under the placement will be issuedin two tranches. The first tranche (9,000,000 shares) is expected to be settled on May 16, 2006 and commence trading on the ASX on May 31, 2006.

The issue of the second tranche (46,000,000 shares) is conditional on shareholder approval, which will be sought at General Meeting of the Company. If approval is granted, the second tranche of shares is expected to settle on or about June 19, 2006 and commence trading on July 3, 2006.

Once issued, all of the shares under this placement will rank pari passu with existing shareholders.

Gippsland Offshore Petroleum Limited will use the funds raised to expand the company's exploration and in particular Jamaican exploration activities and provide working capital.


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