Gippsland Offshore Begins Seismic Work Offshore Jamaica

Following the signing of the Production Sharing Contracts with the Petroleum Corporation of Jamaica earlier this year, GOP and their partners in the Jamaica Joint Venture (Finder Exploration Pty Ltd) report that the extensive exploration program for the Walton Basin has commenced. The survey covers the exploration licenses in blocks 7, 10, 11 and 12.

The Fugro operated Akademik Shatsky has begun acquisition of 7,180 line kms of long offset, 2D seismic data. Close cooperation with the fisherman in the Pedro Keys region on the southern margin of the Walton Basin has been established to create minimum disturbance to their activities and acquisition is expected to be completed by the end of May with final products delivered to the joint venture in September.

The long offset (8km) streamer length has been designed to acquire high quality data beneath the extensive reef system in the basin. It is here that the source rocks and deeper potential traps are located in the section.

Together with the long offset seismic program, the BHP Billiton FALCON Technology will be employed over a large portion of the acreage to map structure, lithology of the basins and in particular to provide detailed information on the reefs which are the key exploration play for most of the region. The FALCON aircraft is planning to mobilize to Jamaica in April, 2006. It is the first survey that GOP will be flying with BHP Billiton under their recently signed technology agreement.

The integration of the extensive long offset seismic data and the detailed FALCON will be an exciting first for oil and gas exploration around the world. GOP and Finder Exploration bring unique technical expertise to the acquisition and interpretation of these data that will be key to unlocking the potential in Jamaica.

Both GOP and Finder Exploration Pty Ltd enjoy a good working relationship with the Petroleum Corporation of Jamaica who have not licensed the offshore Walton Basin area for over 20 years.

The joint venture has a very aggressive data acquisition and interpretation schedule planned for 2006 that aims to identify drillable prospects by the end of 2006/early 2007.

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