Gippsland Offshore is a skilled fundraiser, lisiting in January 2005 after raising AUD12M and a further AUD6M in May 2006 to fund exploration and new ventures. The exciting Jamaica exploration project was won by Gippsland Offshore and their partner based on their demonstrated competance and the newly formed Jamaica Joint Venture has fast tracked the acquisition of both the seismic and FALCON® exploration data in 2006 to result in identification of drillable prospects and commencement of the farm-out process in May 2007.

The exploration portfolio is growing stronger with the addition of the Kenya project and the imminent award of exploration acreage in France and Madagascar.

The technology agreement with BHP Billiton is allowing Gippsland Offshore to enter exploration deals where the technology can greatly improve the understanding of the basin.

Continuous analysis and reprocessing of a combination of existing seismic and new FALCON® data consistently identifies new prospects. Signing the FALCON® agreement in January this year keeps the door open to a range of new ventures.

Updated 31 May 2007