announcement and no hot collar dogfight!, page-2

announcement ! Im happy with that, insiders knew it will take a while longer so they have dumped, be patient buyers will bring back up soon enough.

ASX RELEASE
22 nd February 2005
Western Australian Browse Basin and Victorian West Gippsland Basin
acreage activity update.
West Australian Assets
Further to the last ASX release dated the 28th January 2005, expressions of interest
from various international oil and gas companies has resulted in a continuing number
of confidential data room visits and technical reviews of the permits WA-314-P and
WA-315-P. As a result of the increased interest, additional time has been extended
by request until late March 2005 to receive and evaluate farmin offers from various
companies. The company is encouraged by the interest shown in WA-314-P and
WA-315-P. Karoon is currently shortlisting seismic acquisition companies for the
shooting of approximately 800 sq km seismic survey in WA-314-P and WA-315-P.
Victorian Gippsland Assets
Karoon is in negotiations with seismic acquisition companies looking toward a 300km
2D seismic acquisition program early in the second half of 2005. This program is
being designed to map the extent of the updip Megascolides structure at the oil
bearing Top Crayfish Group equivalent level. The seismic will also map the extent
and quality of CBM black coals across the EL4537 licence, locating optimal targets
for the next drilling program.
Results to date from ongoing CBM coal core analysis show the desorbed gas to be
100% methane, with no measurable carbon dioxide. With some delays, final analysis
results are expected in mid March.