giligulgul north-1 ­ well spudded

13 February 2004

The Manager
Centralised Company Announcement Office
Australian Stock Exchange Limited
10th Floor, 20 Bond Street

SYDNEY NSW 2000

Dear Sir,

RE:

GILIGULGUL NORTH-1 ­ WELL SPUDDED

Giligulgul North-1 spudded at 9.30 am today. Present operation is setting the surface
conductor.

The secondary target of the well, the Evergreen Formation, is projected to be intersected
between 1,116 and 1,300 metres. The primary target, the Precipice Sandstone, is
projected at 1,300 metres. The Precipice Sandstone is expected to be reached in seven
days.

Yours faithfully,

David Archibald
Managing Director