"The initial work program will comprise two vertical wells...

"The initial work program will comprise two vertical wells targeting known oil and gas producing horizons including
the Wilcox formation, the Mississippian Lime and other shallower hydrocarbon bearing objectives. The estimated
cost of drilling and completing each well, to the 100% Working Interest, is approximately US$525,000 with a dry
hole cost of approximately US$180,000 per well. Costs will be shared 50/50 on a heads up basis with Empire Energy and drilling is expected to commence towards the end of the third quarter."