gog placement at 20c to insto

ASX ANNOUNCEMENT- PLACEMENT OF SHARES
Great Artesian Oil and Gas Limited (“Great Artesian”) advises that it has placed 20 million ordinary fully paid shares at an issue price of 20 cents per share through Bell Potter Securities Limited as an excluded offer pursuant to Section 708 of the Corporations Act. The placement opened and closed on 16 September 2004, and was over-subscribed. Settlement of the placement funds will take place on Monday 27 September 2004 and allotment will be made on Tuesday 28 September 2004. The placement has raised a gross amount of $4 million which will be principally used by Great Artesian to pursue an accelerated exploration programme throughout 2005 in its South Australian Cooper Basin permits, PELs 91, 106 and 107. As previously announced Great Artesian will be involved in the acquisition of four seismic surveys, the drilling of up to four new exploration wells in PELs 91, 106 and 107 and the cased hole testing of Smegsy-1 in the period up to the end of the first quarter 2005. Additionally, Great Artesian will participate in the drilling of the Nulla Nulla-1 well in ATP 549 (West Block) located in the southwest Queensland portion of the Cooper Basin during the next few weeks.



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