Half Yearly Accounts Tue, 16 Mar 2010 18:14:00 +1000       2 years, 2 months ago

Golden Gate Petroleum Ltd ABN 34 090 074 785 Financial Report for the Half-Year Ended 31 December 2009 GOLDEN GATE PETROLEUM LTD Half-year financial report for the six months ending 31 December 2009 INDEX Corporate Directory Directors’ report Directors’ declaration Statement of comprehensive income Statement of financial position Statement of Changes in Equity Cash Flow Statement Notes to the financial statements Auditors’ independence declaration Independent review report Page 1 2 10 11 12 13 14 15 22 23 CORPORATE DIRECTORY This half-year report covers the consolidated entity consisting of Golden Gate Petroleum Ltd (“the Company” or “Golden Gate”) and the entities it controlled during the half-year ended 31 December 2009 (“Consolidated Entity” or “Group”). The Group’s functional and presentation currency is AUD($). OFFICERS Sam Russotti (Non Executive Chairman) Stephen Graves (Managing Director) Frank Petruzzelli (Non Executive Director) Frank Brophy (Non Executive Director) Chris Bowyer (Company Secretary) Lvl 21, 77 St George’s Tce Perth Western Australia 6000 Telephone: (08) 9324 1177 Facsimile: (08) 9324 2171 Email: admin@ggpl.com.au Website: www.ggpl.com.au Blakiston & Crabb 1202 Hay Street West Perth Western Australia 6005 Ernst & Young 11 Mounts Bay Road Perth Western Australia 6000 Advanced Share Registry Services 110 Stirling Highway Nedlands Western Australia 6009 Phone: 08 9389 8033 Facsimile: 08 9389 7871 GGP (Ordinary Shares) GGPO (Listed Options) 1 REGISTERED OFFICE SOLICITORS AUDITORS SHARE REGISTRY AUSTRALIAN STOCK EXCHANGE CODES GOLDEN GATE PETROLEUM LTD Half-year financial report for the six months ending 31 December 2009 Directors Report Your directors submit this report for the half year ended 31 December 2009.

Directors The names of the Directors of Golden Gate Petroleum Ltd in office during the half-year and until the date of this report are: Sam Russotti – Non Executive Chairman Stephen Graves – Managing Director Frank Petruzzelli - Non Executive Director All Directors were in office from the beginning of the half-year until the date of this report except as stated above. Review and Results of Operations Operating Results The Company recorded a net after tax loss of $9,037,921 (2008: net loss of $1,316,711) for the half-year ended 31 December 2009. Summary Review of Operations During the half-year ended 31 December 2008, the Company continued to develop and augment its portfolio of US Oil & Gas assets.

Significant developments during the period included: Jumonville #1 Bullseye Prospect, Iberville Parish, Louisiana, Operator 42.25% WI The well’s gross production was 18,128 bbl of oil and 13,475 ....