habanero 3, page-8

Nice progress ...

ASX ANNOUNCEMENT 18 DECEMBER 2007
Habanero 3 Drilling Progress
Geodynamics is pleased to advise that the drilling of Habanero 3 is progressing in
the 311mm (12¼”) diameter section of the well now at 3,737m (12,260ft).
Drilling has been steady over the past two weeks with three bit changes and no
significant equipment issues occurring. A down hole, positive displacement motor
has been incorporated into the current bottom hole assembly and has resulted in
minimising drill string vibration. The motor rotates the drill bit and is powered by
drilling fluid pumped through the tool. Vibration is minimised as surface rotation of
the drill string can be limited without compromising drilling performance.
There remains around 323m (1,060ft) to complete the current 12¼” section which
will then be cased and cemented before the final 216 mm diameter (8½”) open
hole section in the granite is drilled. (final open hole section is planned to be
192m (630 ft).
Target total well depth is approximately 4,252 m (13,950 ft).