drilling again

ONLY 420 METRES TO GO IF GOOD SHOULD SEE RISE

Activity as at 11:30 am Monday 5 May 2008 (local time): Drilling ahead in the Calumbi formation at 840 meters. Drilling re-commenced early on Monday morning after a 4.5 day delay as a result of mechanical issues with the drilling contractor’s rig and mud pump. The principal reservoir targets for well 1-NORD-1-SE are turbidite sandstones expected to be encountered near the base of the Tertiary Calumbi Formation. Deeper, secondary targets include carbonates, sandstones and conglomerates of the Apto-Albian, Riachuelo and Muribeca Formations, plus the underlying, fractured basement. The proposed TD for the well is 1,260 meters. Phil Galloway Chief Executive Officer Enquiries: Please call Phil Galloway (w) +613 9867 7828 (m) +61 (0)413 640 120
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