Report from 0600 hrs 7 July to 0600 hrs 8 July 2008Drilling :...

Report from 0600 hrs 7 July to 0600 hrs 8 July 2008
Drilling : Drilled to 975m RKB and stopped to prepare hole for surface casing. Completed a wiper trip to condition hole for casing. Assembled BOPs and pressure testing equipment. Preparing to pull out of hole with drillpipe to run 9 5/8” casing.
Geology : Encountered interpreted top of Cadnaowie Formation at c.951m RKB which is 110m high to prognosed depth of 1061m RKB.
Targets : Prognosed primary reservoir targets are top Algebuckina Sandstone, Poolowanna Formation and the Tirrawarra Sandstone. Other horizons may have potential.