"drilling programme cranks up"

COMPLETION WORK ON KENILWORTH RAILROAD #1 AND #2 WELLS COMMENCES
The Board of Odyssey Energy Limited is pleased to advise that a completion rig has arrived on site to begin completion of the Kenilworth Railroad #1 and #2 wells.
These are the first two wells in a planned 10 well drilling & completion programme in the Company’s 15% owned North Helper Gas Project during 2005 / 2006.
The North Helper Gas Project comprises approximately 5,000 acres located along the northern edge of the Helper Field on the same Ferron CBM trend as the substantial Drunkards Wash CBM Field in Utah, North America. Drunkards Wash is the largest producing gas field in Utah, averaging 5.4 BCF per month.
Although Kenilworth Railroad #1 and #2 have yet to be flow tested, the offsetting productive coals and sands are found in both wells at projected thickness. Coal thickness is measured at 20 and 26 feet respectively with approximately 18 feet of potential gas charged sand reservoirs in each well.
The Independent Geologist (to Odyssey’s IPO prospectus dated 18 October 2005) estimated the gas in place (GIP) for the Ferron coals and sands to be 3.0 BCF to 3.7 BCF for each 160 acre well spacing. Recovery factors are difficult to project in early testing, but historically, 50% of GIP for initial CBM production is considered acceptable.
Since discovery in 1997, the wells in the Helper Field have achieved an average production rate of 304,000 cf/d. Wells typically reach peak production within three years and are then expected to gradually decline.
The operator of the project, Marion Energy Inc. (a wholly owned subsidiary of Carpenter Pacific Resources Limited – ASX Code: CPC) has advised that it anticipates the Kenilworth Railroad #1 and #2 wells will be fractured and flow tested in the next few weeks.
If commercial flow rates are achieved, an agreement with Anadarko Petroleum Corporation is in place to sell gas through their existing infrastructure.