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Gulf Energy Limited

A.C.N. 094 620 176

Announcement 25 August 2015

GE-B14 MSS Interpretation and Mapping Completed

Gaffney Cline & Associates to Conduct Independent Expert
Review of Q/23P
At the Gulf Energy Limited Annual General Meeting held in May this year the Chairman, James Wakim,
stated in his address to shareholders that the Company is seeking to achieve the following important
milestones in 2015:

Application for the renewal of Q/23P for a further five year term.


Interpretation and mapping of the data from the 2,743 km Gulf Energy 2014 Bamaga Marine Seismic
Survey (GE-B14 MSS).


Gaffney Cline and Associates to undertake an independent review and assessment of the
undiscovered petroleum potential of Q/23P and in particular the underlying Bamaga Basin.


Conclude farm-out agreement(s) with one or more benchmark global oil and gas companies.

We are pleased to announce that the mapping of the GE-B14 MSS data has been completed and that it has
confirmed the presence of large geological features that could form potential traps holding very large
volumes of petroleum. The interpretation has created structural depth maps at 7 horizons within the
geological section underlying Q/23P. A proprietary report on the results of the interpretation will now be
Gulf Energy Limited (GEL or Company) is also pleased to announce that the leading international consulting
firm Gaffney Cline & Associates(GCA) has been engaged to undertake an independent review and
assessment of the undiscovered petroleum potential of Block Q/23P and in particular the underlying Bamaga
Basin. GCA will:

review all the available information and report on the potential for an active petroleum system to be
present in the Bamaga Basin;

conduct an audit of the interpretations of the data from the 2012 and 2014 2D seismic surveys
recorded in Q/23P; and

calculate independent volumetric estimates for the Leads identified in Q/23P.

GCA is an international petroleum consultancy, which has been operating worldwide for over 50 years. GCA
focuses solely on the petroleum and energy industry, and specialises in the provision of policy, strategy,
technical and commercial assistance to governments, financial institutions, and national and international oil,
gas and energy companies worldwide. The provision of resource estimates are core components of GCAs
international business.
GCA employs a combination of commercial and technical professionals in main offices in the UK, Houston
and Singapore, with supporting offices in Argentina, Australia, Brazil, Colombia, Dubai and Kazakhstan. This
staff encompasses all upstream technical disciplines (geology, geophysics, petrophysics, reservoir
engineering, drilling and completion and development planning / facilities engineering), with midstream and

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downstream engineering and economics, commercial, legal and business strategy professionals to
complement its technical staff.
GCA was chosen by GEL because its staff have extensive experience within Australia, both whilst at GCA
and during their prior careers. In addition GCA is able to provide an integrated approach to GELs project,
unlike many other consultancies that specialise only in specific areas such as the technical or commercial
component. GCA focuses on an integrated approach encompassing all aspects of the oil and gas business,
including management and strategy advice, economics, the geosciences, engineering and downstream
expertise. GCA has considerable experience of petroleum systems analysis and resource estimates
including assignments for some of the industry's key players.
It is expected that the GCA work will most likely be completed in October this year.

For further information please contact:

Emile Stanton Company Secretary

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