Gippsland's Second Quarter Marked by JV Well Development

Gippsland Offshore Petroleum has posted a net operating cash flow of A$539 million for the second quarter, which brings the total year's cash flow to A$1.72 billion.

The firm has been awarded, along with its 50% joint venture partner Gas2Grid Limited, the Saint-Griède exploration permit in the southwest of France, roughly between the villages Mont-de-Marsan and Tarbes. A timetable is being put in place.

Gippsland has also completed mapping prospects in Jamaica and is looking for a joint venture partner to share in the drilling phase. The company is a 50% partner in the JV, along with Finder Exploration. The Jamaica Joint Venture covers 14,500 square kilometers of frontier area. Both JV firms expect high profitability.

The company's L-6 joint venture in Kenya's Lamsu basin is moving forward, and Gippsland has signed the next phase of the PSC, committing to constructing two wells in the next four years. The firm holds a 60% interest in the JV.