O I L S E A R C H L I M I T E D (Incorporated in Papua New Guinea) ARBN 055 079 868 Australian Registered Office: Level 27 Angel Place, 123 Pitt Street, Sydney NSW 2000, Australia GPO Box 2442, Sydney NSW 2001, Australia Telephone: (02) 8207 8400 Facsimile: (02) 8207 8500 Email: [email protected] 8 January 2004 THE AUSTRALIAN STOCK EXCHANGE (SYDNEY) LIMITED Level 4, Exchange Centre 20 Bridge Street Sydney NSW 2000 Attention: Company Announcements Officer Dear Sir/Madam Re: Oil Search Limited Drilling Report SE Moran Meshat-1 8 January 2004 Please find attached. Yours sincerely MICHAEL SULLIVAN General Counsel/Group Secretary Encl. O I L S E A R C H L I M I T E D (Incorporated in Papua New Guinea) ARBN 055 079 868 DRILLING REPORT – 8 JANUARY 2004 WELL NAME: SE Moran 1x (PPL 219) Oil Search reports that since the last drilling report on 31 December 2003, the SE Moran 1x well has been drilled to a depth of 2,065 metres. Progress since 31 December was 486 metres. As at 06:00 on 8 January 2004, 9-5/8” casing was being run in preparation for drilling ahead to the target Toro and Digimu Sandstones. SE Moran 1x is an exploration well planned to test a separate prospect at the southeastern end of the Moran complex. It is being drilled as a vertical well. The participants in this well are: Oil Search 72.52% Ampolex 18.73%* Merlin Petroleum 8.75% Total 100.0% * Ampolex is a wholly owned subsidiary of ExxonMobil. Oil Search Limited is carrying Ampolex’s costs for this well and is entitled to Ampolex’s interest. Ampolex has the right to back-in to a SE Moran discovery under agreed commercial terms.
Is the statement in the next report: "andstones, encountered between ~1,847 and 1,905 metres, confirmed this reservoir objective to be water-bearing." Bad news??? I'm not quite o'fay about drill reports.
WELL NAME: Meshat-1 (Block 43, Yemen) Oil Search reports that as at 06.00 on 7 January 2004 (+4 hrs GMT), the Meshat-1 exploration well in Block 43, Republic of Yemen, was at a depth of 2,143 metres and setting 9-5/8” casing. Prior to running the 9-5/8” casing, electric logs run across the Upper Qishn S2 Sandstones, encountered between ~1,847 and 1,905 metres, confirmed this reservoir objective to be water-bearing. After setting the 9-5/8” casing, the Meshat-1 well will test the deeper potential reservoir intervals before reaching the planned TD at 3,288 metres in the Basement. The participants in this well are: DNO ASA 50%, operator Oil Search (Yemen) Limited 25% First Calgary Petroleums Limited 10% The Yemen Company 15%, carried Total 100% PETER BOTTEN Managing Director 8 January 2004 For further information please contact: Ann Diamant Investor Relations Manager Tel: 02 8207 8440 Mob: 0407 483 128
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