KENTUCKY STATUS REPORT Date: 21st November 2007 To: Companies Announcement Office, ASX By Electronic Lodgement Number of Pages: 1 The Company’s work over and remedial work has now been completed on the Carter lease, with Carter’s 1, 3, 6, 21, 24 and 26 all on sustained production testing. The wells were acidised and new pumps fitted with several being fitted with time clocks, which facilitate a number of short pump periods over a 24 hour time frame. The producing horizon is the Granville Sand, which is known to produce oil in the range of 2 to 10 barrels per day with the average being 4 barrels per day. This geological formation is well known for producing over many years in this district. The Company has also applied for and been given permits to drill three new wells on this lease. This is planned to take place before Christmas on the assumption the drilling crew is available. On the Riddle lease work is still underway to bring all of the producing wells on to a consistent and predictable flow rate. The Riddle # 14 well, which was abandoned due to a drill bit being lost in the hole, has now been assessed using a camera over the shallow oil zone found during the drilling. This zone appears to have oil seeping from the formation and should lend its self to being acidised to bring it on as a producer (from the Sunnybrook Formation), Sunnybrook wells are often low daily producers but often produce for many years (very similar to the Granville Formation). Further work on the Riddle #10 well has indicated oil leaking into the well bore form the zone intersected at 965 ft in the Murfreesboro and the field crew is planning to acidise this zone following the work on Riddle #14. The Company is also conducting a seismic survey over a number of newly acquired leases in preparation for the ongoing drilling scheduled for the early part of the New Year. The Company is encouraged by the last 4 weeks of field operations, which is now stabilising the production from each well and supports the concept of low cost oil farming. Stephen Thomas Managing Director
WGP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
