1 2010 AGM Presentation Steve Graves Managing Director This presentation contains forward looking...

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2010

AGM PresentationSteve GravesManaging Director

This presentation contains forward looking statements that are subject to risk factors associated with oil and gas businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual

results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates. All references to dollars, cents or $ in this

presentation are to AUD currency, unless otherwise stated.

COMPETENT PERSONS STATEMENT: The information in this report has been reviewed and signed off by Mr Mark Decker, Geologist (BS. Geology), with over 34 years relevant experience within oil and gas sector.

2010 AGM Presentation

Steve GravesManaging Director

Introduction

Golden Gate Petroleum Limited is an independent oil and gas exploration and production company listed on the Australian Securities Exchange (ASX: GGP).

Strategy: To develop a portfolio of oil and gas exploration and development projects. The Company seeks to balance its exploration activities with low cost, low risk development opportunities via the acquisition or farm in of proven reserves

Focus of Operations: Onshore Texas and Louisiana Gulf Coast region of the USA.

The Company currently has six projects: Bullseye and Silverwood on commercial production, Napoleonville soon to go on testing/production, Fausse Point under new 3D seismic review, Bowtie West as an exploration opportunity andThe Permian Project as a new large development opportunity.

The Company’s Corporate office is now in Melbourne and it maintains an Operations Centre in Houston, Texas.

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GOLDEN GATE PETROLEUM LTD

12 November 2010

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12 November 2010

On Shore Gulf Of Mexico

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12 November 2010

TEXAS

LOUISIANA

Texas Projects Louisiana Projects

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12 November 2010

Fausse Point

Napoleonville

BullseyeSilverwoodBow Tie

West

Permian Prospect

Project Locations

Market Data

Share Price 11 November 2010 $0.016Market ASX Code GGP & GGPOMarket Cap AUDOrd. Shares on Issue 1,067,159,955Options Listed 231,971,070Options Unlisted 600,00052 Week Range $0.056 - $0.014Top 20 shareholders control 15.56%

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12 November 2010

J2 Drilling

Acosta Results

J2 Prod.

Rights Issue

Net Revenue ($AUD)

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12 November 2010

45% 53%52%79%

Strengthened Balance Sheet

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12 November 2010

2010 2009 Variance 000's 000's 000's Notes

Current assetsCash & cash equivalents 7,584 1,382 6,202 Significant increase in cash at bankTrade and other payables 1,158 803 355Prepayments 59 47 12Total current assets 8,801 2,232 6,569

Non-current assetsTrade and other receivables 283 373 (90)Plant & equipment 47 66 (19)Exploration & development assets 3,754 2,497 1,257 Acquisitions $2.2m and amortisation $0.9mOil and gas properties 5,877 15,446 (9,569) Impairment of $7.2m and amortisation of $2.2mTotal non-current assets 9,961 18,382 (8,421)

Total Assets 18,762 20,614 (1,852)

Current liabilitiesTrade & other payables 1,901 8,708 (6,807) Significant reduction in liabilitiesCash call 1,894 77 1,817 Amounts paid in advance by JV partnersInterest bearing loans & borrowings 3,000 (3,000) Elimination of Convertible NotesProvisions 86 43 43Total current liabilities 3,881 11,828 (7,947)

Non-current liabilitiesInterest bearing loans & borrowings 0 726 (726) Elimination of Convertible NotesDerivatives held for sale 0 330 (330) Elimination of Convertible NotesProvisions 814 637 177Total non-current liabilities 814 1,693 (879)

Total Liabilities 4,695 13,521 (8,826)

Net assets 14,067 7,093 6,974

Silverwood Project

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12 November 2010

The Company has a 25.5% Working Interest in the recent Richardson #1 well discovery of high quality crude oil and is the operator. The well is currently on production thru newly completed production facilities.

The prospect is located under an existing field which produced 7.0 billion cubic feet of gas and over 800,000 barrels of oil on a fault closure.

Two high quality sands have been identified; the primary target is the Vicksburg Sand (9,300 feet) and the deeper target (Cockfield) around 11,600 feet.

LOUISIANA

Silverwood

Silverwood Project

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12 November 2010

Commercial production at the Richardson #1 well commenced on 24 September 2010

Production has averaged approximately 60 barrels of high quality oil per day.

Testing continues and permanent production facilities have been constructed.

New facilities at Silverwood

Month Production (bbl)

September 2010 655

October 2010 1,768

November 2010 (to Nov 10) 451

Bullseye Project

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12 November 2010

Bullseye Project

•276,172 BBLS of gross cumulative Miogyp oil production through October 2010. New well plan being prepared for drilling another Miogyp well (see next slide)

•Plan to test the Camerina in Jumonville # 1 well once commercial production ends.

•Camerina estimated resources: 2.2 – 7.1 MMBO and 2-7 BCF of gas (but extent of reservoir unknown). Proven producer in the general area.

•Examining shallower interval where possible added production possible. Interval already produced from multiple wells. Appears to be several remaining targets to drill. Seen in Jumonville # 2 well logs.

Bullseye – Miogyp Development Well Locations

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12 November 2010

• Locations A and B are in the main Miogyp reservoir.• Locations C and D are in the possible mottled extension of Miogyp.• One other location being added to existing well potential

Bullseye: Potential Distribution of Camerina Sand

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12 November 2010

Note that depth of oil-water contact is unknown, and therefore extent of oil-bearing reservoir is unknown

Napoleonville Salt Dome Project

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12 November 2010

The Company has a 15% Working Interest in the recent Dugas & Leblanc (D&L) discovery on the Napoleonville Salt Dome.

Two other prospect wells (Sagers and Clifton) were drilled on the Napoleonville Salt Dome. Both wells did not contain sufficient hydrocarbons for commercial production.

The Napoleonville Salt Dome has historically produced 188 billion cubic feet of gas and 20.2 million barrels of oil. The primary targeted sands are Tex W, Big Hum, Operc, Cris R II – VII, Marg Vag, Camerina and Miogyp with sands commencing at 4,000 ft to 14,000 ft.


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12 November 2010

The Company has paid USD 300,000 for its participation in the first three well program and has the option to participate in subsequent three well programs and can ultimately earn a 15% working interest over the entire dome project.

The Dugas & Leblanc #1 well whilst testing commenced flowing uncontrollably to the surface for two weeks. The well was subsequently plugged and abandoned.

The D & L # 2 well has been completed and testing is currently underway.

There is at least one additional Big Hum prospect similar to the D&L Discovery


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12 November 2010

The Dugas & Leblanc #2 well was initially drilled as a relief well but was subsequently commissioned as a development well. There is at least one additional development well to drill updip

Permian Basin Project

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12 November 2010

Geological and Engineering Summary Reagan & Irion Counties, Permian Basin, Texas Original Spraberry Trend Development Multi-Pay Trends: Spraberry + Wolfcamp = “Wolfberry” Trend

Primary Zones: Spraberry/Dean, Wolfcamp , Strawn Secondary: San Andres, Clearfork, Atoka

Reserves Potential: PDP / 1P Reserves ~113 MBOE / Well Well Spacing

160 acres initial 40 acres upon success

100 % GGP Controlled


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12 November 2010

Exceptional Quality Permian Basin Asset Prolific onshore US oil & gas, ~250 X 300 miles, produced 15+ Billion BOE

High specification “light & sweet” oil & high BTU natural gas (WTI and Henry Hub premium)

Long decline curve, 30+ year production

High Impact “Oil Manufacturing” Low Risk, <1% Dry Hole Risk

Low and Well-Defined Drilling Cost: US$1.5M per well

High Density Well-Spacing Potential: 160 to 40 Acre per Well Site

Compelling Economics & Growth Cash flow in 6-8 weeks from drilling commencement, future drilling funded out of cash flow or

production financing

Strong IRR with capacity to many wells

Hedge-able production with uncapped oil / gas price upside


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12 November 2010

SPRAYBERRY + WOLFCAMP = “WOLFBERRY”

Fausse Point Project

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12 November 2010

Fausse Point

• TGR # 1 Well - Completed February 2010, TD 8450 ft. The Company has an 18% WI.

• Tested 500 MCF Gas and Condensate with high SITP 4774 # from lowest interval at 8374 ft to 8384 ft. Went on production and eventually settled at low flow rates most likely due to “baffled” formation caused by close proximity to salt dome.

• Other potential Miocene hydrocarbon zones uphole all tested with only small amounts of hydrocarbon production.

• Have acquired 3D Seismic over entire Fausse Point Salt Dome. Reprocessing underway with latest techniques to improve poor quality data.

• Forward Plan to: Re – evaluate new seismic data and determine new targets—away from salt dome. Drill an appraisal well in 2011


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12 November 2010

Log Interpretation – Perf 8374’ to 8384’


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12 November 2010

Log Interpretation – 7000’ Zone

Bowtie West Project

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12 November 2010

• GGP has 18% WI paying 20% in the Bowtie West prospect

• Is in a prolific fairway of previously developed shallower large oil and gas fields

• The Bowtie Vicksburg is a deeper overlooked play (needed 3D seismic to see it)

• Near several recent discoveries with large flow rates and per-well recoveries (for example, Heckendorn well, 8MMCFGD + 500 BCPD, cumulative 14 BCFG

TEXAS

Bow Tie West

Bowtie West Prospect

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12 November 2010

The Bowtie West prospect has a strong amplitude anomaly that extends widely over the leasehold.

This is a relatively low-risk exploration prospect with prospective reserves estimated at 51 BCFG and 1.7 MMBO. Recently acquired acreage could substantial increase potential.

Analogue producing wells exist nearby, with IPs > 8 MMCFG per day, and cumulative production of >10 BCFG

Padre Island

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12 November 2010

•The operator of Padre Island went into Bankruptcy in 2010. We remain a creditor to the proceedings

• Operator’s assets have been sold to a third party to pay some of the secured creditors

•GGP is in discussions with the current operator to participate in some of the wells where we had a working interest in exchange for participation in idled wells still in the GGP portfolio.

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2009

AGM PresentationSteve GravesManaging Director

This presentation contains forward looking statements that are subject to risk factors associated with oil and gas businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand,

currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project

delay or advancement, approvals and cost estimates.

All references to dollars, cents or $ in this presentation are to U.S. currency, unless otherwise stated.


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