Gippsland Offshore Petroleum Looking to Farm-out Jamaica Acreage

Gippsland Offshore Petroleum and its partners in the Jamaica Joint Venture, Finder Exploration, have completed exploring their large tranche of acreage in the Walton Basin, Offshore Jamaica over the past year. The companies are now looking to jointly farm-out the next stage of exploration to test the mapped leads and prospects.

The data interpretation of the 2D seismic (7,000km) and FALCON airborne gravity gradiometry data (26,000km) is being finalized and Gippsland Offshore is very encouraged by the preliminary results. It is our intention to complete the current work in the next six weeks with a view to presenting results, arranging a data room and achieving a farm-out in late May 2007.

Participants in the Jamaica Joint Venture are Gippsland Offshore Petroleum Limited 50% and Finder Exploration Pty Ltd.

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