price movement, page-11

Some news are pending - I hope for an topical operations update too:

* Formal granting of ATP 743 by the Queensland Government

* Completion of the Native Title process and progress of granting of ATP 744

* PEL 427 (COI 25%) corehole to be drilled by ESG in late January / February (the ESG corehole program is delayed due to continual wet weather at the Blue Hills 1 corehole location - the rig is expected back on site on 12 January - the PEL 427 corehole should be the following drilling)

* PEL 428 (COI 20%) corehole to be drilled by ESG in February

* US projects / Florence progress:

- another new well in the application for drilling permit queue - now we have 10 new wells to be drilled at Florence - 5 of them allready have a drilling permit.

Approved drilling permits

1. Redfish 41-3 HP, proposed TD 6,244 feet Pierre Fmt.
2. Flathaed 34-20 VP, proposed TD 3,500, Pierre
3. Adriatic 32-4 VP, proposed TD 3,130, Pierre
4. Cindy K 23-29 VP, proposed TD 3,666, Pierre
5. Hammerhead 41-3 VP, proposed TD 3,020, Pierre


Pending drilling permits

1. Pike 34-32 VP, proposed TD 3,500 feet, Pierre Fmt.
2. Lake 22-32 HP, proposed TD 5,277, Pierre
3. Brook 11-10 HN, proposed TD 5,011, Niobrara Fmt.
4. Guppy 33-32 VP, proposed TD 3,400, Pierre
5. LIBERTY X 24-32 HP, proposed TD 7,841 (!), Pierre, (NEW WELL)

- Update of production test results for the first Florence wells Golden, Apache and Rainbow

- First revenues from sale to COI

- Status of the deeper Bull well ("oil in Codell Fmt." - predrill eastimate was aimed at potential recoverable reserves of up to 2 mmbbl of oil in the Codell)



... hmmm ... and perhaps a big deal to farmout the Queensland CSM permits or a friendly T/O bid ...