ballaparuda 1 spud

Registered /Business Office : Level 2, 161 Walker Street, North Sydney, NSW, Australia, 2060.
Phone (61) 2 9929 3383 Fax (61) 2 9929 3883 Email : [email protected]
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ASX ANNOUNCEMENT
Date : 6 December 2007
To : Australian Stock Exchange Limited
Companies Announcement Office
Electronic Lodgement System
Ballaparudda-1 Spuds
(PEL 91 South Australian Cooper Basin)
Great Artesian Oil and Gas Limited (“GOG�) advises that the current status of the
Ballaparudda-1 exploration well is as follows :
Time of Report : 15.00 hours (CST) 6 December 2007.
Well Depth :
Current Operation : Drilling ahead
Forward Operations : Drill Ahead.
Ballaparudda-1 spudded today at 10:30 hrs (CST) and will take approximately 9 days to
drill and 5 days to evaluate. A total depth of approximately 1960m is planned.
Ballaparudda-1 is the first of two wells that will be drilled by the PEL91 joint venture to
test prospects in the ‘oil fairway’ between the Christies, Sellicks, Callawonga and
Parsons oil discoveries in PEL92 to the southwest and the Growler and Wirraway oil
discoveries in PEL104 to the northeast. Ballaparudda-1 is an oil exploration well that will
test the Jurassic potential of an anticlinal structure on the western flank of the
Patchawarra Trough in PEL 91. Ballaparudda-1 is about 25 km north of Callawonga and
18 km southwest of the Growler discovery.
The Ballaparudda prospect was selected by the joint venture following interpretation of
the Cadulus 2D Seismic Survey. Primary targets are the Namur Sandstone, Birkhead
Formation and Hutton sandstone, with secondary targets in the Poolowanna and
Kalladeina Formations. Seismic mapping indicates that the Ballaparudda structure has
approximately 15 m of structural relief and encloses an area of 2.5 km2. Pre-drill P50
recoverable reserves of 0.5 million barrels of oil for the Birkhead/Hutton formations and
0.9 million barrels for the Namur Sandstone are estimated. Possible “fill to spill� potential
of the structure is in the range of 2 to 5 million barrels of recoverable oil.
Great Artesian will fully fund its 60 per cent interest in Ballaparudda-1, estimated at
$0.84 million net to GOG. The company’s choice not to farmout this well reflects a
strategic decision to retain more equity, the company’s favourable assessment of the
prospectivity in this area, the significant potential for oil and the current oil price.
Interests in Ballaparudda-1 are as follows:
Beach Petroleum Limited (Operator) 40.0%
Great Artesian Oil and Gas Limited 60.0%
A second well in this ‘oil fairway’, Murrippi-1, is expected to spud in February with
Century Rig #3.
Structure map at Top Namur horizon showing location of the Ballaparudda-1 and Murrippi-
1 wells in PEL91 relative to oil discoveries in adjoining permits and other prospects and
leads in PEL91
A time-depth chart follows on the next page as an illustration of drilling progress.
Further details can be obtained on the company’s web site or by contacting Andy Carroll,
Managing Director on 02 9929 3383.
Yours faithfully,
Andy Carroll
Managing Director
Ballaparudda #1
Time Depth Curve
WELL DETAILS
RIG: Hunt Rig 2
GL: 20.5 m (MSL)
RT 24 3 (MSL)
0
CURRENT DEPTH:
OPERATION: Drilling Ahead
PEL 106
Cooper Basin SA
Location (Zone 54 GDA94)
Latitude: 270 40' 45.88"
Longitude: 1390 25' 26.68"
Easting: 344 584 m
Northing 6 937 317 m
RT: 24.3 m TD: 1936 m (MD)
200
PROPOSED DEPTH
ACTUAL DEPTH
400
600
800
1000
DEPTH (m)
1200
Namur Sandstone 1387 m 1400
1600
1800
Birkhead /Hutton 1713 m
2000
0 2 4 6 8 10 12 14
Poolowanna Fm 1883 m
DAYS FROM SPUD