Golden Gate is a focused petroleum exploration and production company with an exploration portfolio in the Gulf of Mexico and the Permian Basin containing world-class prospects.

Corporate Profile
*Built a substantial Operating capability on the Texas/Louisianna Gulf Coast.
*Production is presently coming from both Padre Island, Texas and the Bullseye Project in Lousianna.  Fausse Point is presently been completed.
*Drilled and placed on production Jumonville #1 in Sept 08. GGP has a 42.25% working interest.
*Drilled and placed on production Jumonville #2 on 30 June 2009. GGP has a 42.25% working interest.

Golden Gate Petroleum (ASX:GGP)

Company Directors

Mr Chris Ritchie (CFO, Investor Relations)
Mr Frank Brophy (Non Exec. Director)
Mr Frank Petruzzelli (Non Exec. Director)
Mr Stephen Graves (Executive Chairman, Managing Director)

Contact Information

Phone: +61 3 9349 1488
Email: info@ggpl.com.au
Website: http://www.ggpl.com.au
Address
566 Elizabeth Street, MELBOURNE, VIC, Australia, 3000

Media Releases see all media releases

Golden Gate Petroleum Ltd, Permian Basin Texas: Mandate signed to raise up to $10m via Secured Convertible Notes for the start of horizontal drilling
13 Aug,2012 10:10 AM

Golden Gate Petroleum Limited (ASX:GGP) (“Golden Gate” or the “Company”) is pleased to announce that it has signed a mandate with Novus Capital Limited (“Novus”) to raise up to $10,000,000 by way of the issuance of Secured Convertible Notes (the “Offering”) on a best endeavours basis. The Offering will involve the issue of up to 200,000,000 Convertible at a face value of $0.05 per Convertible Note to raise the total of up to $10,000,000.

The purpose of the Offering is mainly to fund Golden Gate’s investment in the drilling of the Company’s first horizontal well (SRH #5H) in the Permian Basin Project located in Reagan and Irion Counties, Texas, USA. The SRH #5H well is expected to start drilling in 2nd Quarter 2012/13 FY, subject to rig availability. In addition to the horizontal well development, Golden Gate has identified some additional properties in the Permian Basin which may be attractive from an acquisition perspective. As such, some of the funds from this capital raising may be used by Golden Gate to acquire other selected properties for the purposes of the Permian Basin Project.


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