16 February 2004The ManagerCentralised Company Announcement...

16 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 – PROGRESS REPORT

Giligulgul North-1 was 174 metres at 6.00am this morning. Present operation is drilling
ahead in the Blythesdale Formation.

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
cc: MDC/GIJ