habanero 3

ASX ANNOUNCEMENT 6 DECEMBER 2007
Habanero 3 estimated completion update
Geodynamics wishes to advise that its drilling operations department has
completed a review of the forward completion plan for Habanero 3, taking into
account the rates of penetration (ROP) the Company has experienced to date in
the lower part of the 12¼� hole section. As a result of the low ROP and the earlier
operational delays associated with the re manufacturing of the 8� drill collars and
fishing operations, the Company currently expects to complete Habanero 3 in the
second half of January 2008.
The Company wishes to emphasise that the drilling team is continuing to seek
practicable solutions at the lowest risk to improve the ROP. Going forward the
Company is planning to trial a number of different bits to increase ROP as well as
a down hole motor to mitigate vibration and potentially improve drilling
performance.
The lower ROP being experienced was not anticipated but the Company notes
this is the first commercial scale well and the largest hole of this diameter and
depth ever drilled in the Cooper Basin. The volume of material being removed is
more than twice what was removed in Habanero 1 and 2.
Geodynamics is confident that it will be able to reduce the well drilling time for
future wells as it takes on board the learnings from this inaugural commercial
scale well.
For further information please check our website (www.geodynamics.com.au) or
contact Mr Gerry Grove-White or Paul Frederiks on + 61 7 3721 7500.
Gerry Grove-White
Managing Director