Gippsland Offshore Petroleum Takes Delivery of Kenya Survey

Gippsland Offshore Petroleum and their partner in the L-6 Lamu Basin JV, Kenya have taken delivery of the FALCON airborne gravity and magnetic data acquired by the joint venture in April. The data was processed in Melbourne by BHP Billiton under their exclusive technology agreement with Gippsland Offshore Petroleum.

The data will now be integrated into the recently acquired seismic data and drillable prospects confirmed by the end of September. The high resolution FALCON mapping will be key to mapping the structure and density variations within the geological units in the block.

The FALCON program and the 2007 seismic program have been designed to:

--Better define the leads previously mapped by Woodside and Pancontinental in the L6 block

--Extend the geological mapping to cover the onshore lead which is poorly defined by old seismic and to date not included in the assessment of potential for the block

--High-grade the existing leads to drillable prospects by end September 2007

--Confirm the leads which have, to date, the potential to hold 1.1 billion barrels of oil or 5TCF of gas

The JV has the right to move into the next phase of the PSC with the Kenyan Government requiring the drilling of 2 wells in 4 from October 2007.

L-6 is a coastal block with approximately 30% of the area being onshore.

Gippsland Offshore Petroleum farmed into the L-6 PSC in January of this year by undertaking US $1.9 million of expenditure for 60% equity and the right to operate the block.

Participants in the L-6 Block Joint Venture are Gippsland offshore Petroleum Limited as operator with 60% and Pancontinental Oil & Gas NL with 40%.


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