attn yogi, page-3

re: cycles ... right on time ... !~! well you got the minor and positive cycle for the 11th correct as well (read todays anncmtent below). Its uncanny how the cycles seem to match.

UDACHA-1 FULLY FUNDED BY FARMINEES
Great Artesian Oil and Gas Limited (ASX : GOG) has been advised by Magellan Petroleum
(Southern) Pty Ltd, a wholly-owned subsidiary of Magellan Petroleum Australia Limited
(“Magellan” ASX : MAG), that it intends to exercise its farmin option, under a Farmin
Agreement signed on 29 August 2005, and participate in the drilling of the Udacha
Prospect, located in PELs 91 and 106 in the South Australian Cooper Basin. By funding
60% of the well costs Magellan will earn a 30% interest in any subsequent production
licence if drilling results in a commercial discovery.
Under the Farmin Agreement Magellan has already funded Great Artesian’s 60% share of
the drilling costs of the Kiana-1 and Tyringa-1 wells, recently drilled in adjacent PEL 107.
Kiana-1 was cased and suspended as a future oil and gas producer with cased hole
production testing due to commence within the next week.
The Udacha Prospect lies across the boundary of PEL 91 and 106, down-dip and on the
same structural trend as the Carrickalinga Prospect in which a minor oil recovery was
made during the drilling of Carrickalinga-1 in late 2003. The Carrickalinga-1 results
demonstate that oil has moved up into this structural trend and the Udacha Prospect is a
robust faulted anticline sitting on the outer edge of this trend. It had not been previously
targeted for drilling simply because the PEL 91 and 106 permit boundary roughly dissects
the prospect. However, earlier this year, the participants of these two permits (Great
Artesian and Beach Petroleum Limited, “Beach” ASX : BPT) began negotiations for a predrill
unitization agreement in which their respective interests would be unitized across the
Udacha Prospect.
The Udacha Prospect has the potential to accommodate up to 2.3 million barrels of
recoverable oil, or some 10.5 BCF of gas (both at a P10 level of confidence) with the
Patchawarra Formation providing the primary reservoir target. The Toolachee and Epsilion
formations and Tirrawarra Sandstone represent secondary reservoir targets. Drilling of
Udacha-1, which will be operated by Beach, using the Century Resources Rig #3, will
commence in January 2006 - immediately following the completion of the Rossco-1 well to
be drilled by Great Artesian in PEL 106 in December 2005.
Magellan’s participation in the Udacha Prospect further evidences the high regard in which
this portion of the Cooper Basin is held by Australian on-shore oil and gas explorers.
Following completion of farmin agreements the participation interests in the Udacha
Prospect will be :
Great Artesian 32.5%
Beach (Operator) 15.0%
Enterprise Energy NL* 12.5%
Magellan* 30.0%
Rawson Resources Ltd* 10.0%
* Interests are in any subsequent production licence following commercial discovery. Initial unitization interests
are Beach 30% and Great Artesian 70%.
Further information can be obtained from Dr Ray Shaw, Managing Director, Great Artesian
Oil and Gas Limited and the Great Artesian web-site, www.greatoil.com.au.