Golden Gate Petroleum Ltd (ACN 090 074 785) [2004] FCA 1119

FEDERAL COURT OF AUSTRALIA

Golden Gate Petroleum Ltd (ACN 090 074 785) [2004] FCA 1119 CORPORATIONS – application for validation of share issue – where the time described in disclosure document for application for admission of securities to quotation on financial market not observed – construction of relevant provisions of Corporations Act 2001 (Cth) Corporations Act 2001 (Cth) ss 254E, 711(5), 723, 724, 727(4), 728, 737(1), 738, 739, 741, 1322 Harman v Energy Research Group Australia Limited [1986] WAR 123 cited Morton v Hampson [1962] VR 364 cited Re Insurance Australia Group Ltd (2003) 128 FCR 581 cited Swan Brewery Co Ltd (No.2) (1976) 3 ACLR 168 cited IN THE MATTER OF GOLDEN GATE PETROLEUM LTD (ACN 090 074 785) W114 OF 2004 LEE J 4 JUNE 2004 PERTH

IN THE FEDERAL COURT OF AUSTRALIA

WESTERN AUSTRALIA DISTRICT REGISTRY W114 OF 2004

IN THE MATTER OF GOLDEN GATE PETROLEUM LTD (ACN 090 074 785)

GOLDEN GATE PETROLEUM LTD (ACN 090 074 785)

APPLICANT

JUDGE: LEE J

DATE OF ORDER: 4 JUNE 2004

WHERE MADE: PERTH

THE COURT ORDERS THAT: 1. The issue of shares by the applicant pursuant to the 7 July Prospectus is hereby validated and confirmed pursuant to s 254E(1) of the Corporations Act. 2. The issue of shares by the applicant pursuant to the 11 August Prospectus is hereby validated and confirmed pursuant to s 254E(1) of the Corporations Act. 3. The issue of options by the applicant pursuant to the 7 July Prospectus is not invalid by reason of any contravention of s 723 or s 724 of the Corporations Act. 4. The issue of options by the applicant pursuant to the 11 August Prospectus is not invalid by reason of any contravention of s 723 or s 724 of the Corporations Act. 5. The period set out in subss 723(3)(a) and 724(1)(b)(i) of the Corporations Act for the applicant to have applied to the ASX for the admission to quotation of the securities pursuant to the 7 July Prospectus be extended: (a) to 15 July 2003, in respect of 5,000,000 shares and options the subject of the 7 July Prospectus; and (b) to 11 August 2003, in respect of 2,5000,000 shares and options the subject of oversubscriptions accepted by the applicant under the 7 July Prospectus. 6. The period set in subss 723(3)(a) and 724(1)(b)(i) of the Corporations Act for the applicant to have applied to the ASX for the admission to quotation of the securities pursuant to the 11 August Prospectus be extended to four days after the pronouncement of this order. 7. The period set out in subss 723(3)(b) and 724(1)(b)(ii) of the Corporations Act for the admission to quotation on the financial market operated by the ASX of the securities issued pursuant to the 11 August 2003 Prospectus be extended to 14 days after the pronouncement of this order. 8. The applicant forthwith lodge a copy of these orders with the Australian Securities & Investments Commission ("ASIC"). 9. The applicant forthwith make an announcement to the ASX disclosing the terms of these orders. 10. For a period of 28 days from the date of these orders, the following persons have liberty to apply to vary or discharge the orders: (a) any person whose interests have been or may be affected by the orders of validation and confirmation made pursuant to s 254E of the Corporations Act; (b) any person to whom substantial injustice has been or is likely to be caused in respect of the orders made pursuant to s 1322 of the Corporations Act for extension or declaring that the issue of options are not invalid. 11. The applicant have liberty to apply to vary these orders upon first giving 48 hours prior written notice to the ASIC. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.