Marina 1 – Encounters Hydrocarbons 2nd October, 2007 Drillsearch Energy Limited (“Drillsearch”) announces – Marina 1 Weekly Drilling Update for the period to 06:00, 1 October 2007. Permit: WA-318-P Rig: Wilcraft Total Depth: 2359 m (TD-Final) Location: Offshore Western Australia - Bonaparte Gulf. Approximately 345 kms south southwest of Darwin NT, 55km off the Kimberley coast. Operator Drillsearch Energy Limited. Drillsearch is in JV with Esso Ventures Pty Limited a subsidiary of ExxonMobil. Progress to TD: Since the last report on 24 September 2007 Marina 1 has drilled to a total depth of 2359 m MDRT which was reached at 0800 hours on Sunday 30 September 2007.This was considerably earlier than planned. The excellent integrity of the well at the 13 3/8” casing point allowed the JV to reach TD without the need to set an additional string of casing. Hydrocarbon Shows The well intersected all three of its objective formations. No hydrocarbon shows were recorded in the upper two objectives; the Hyland Bay and Keyling Formations. Gas shows were recorded in the mud logs over at least 5 zones in lower stratigraphic intervals including the third objective - the Treachery and Kuriyippi Formations. Trace oil fluorescence was noted in the cuttings in some intervals. -2- Forward Operations on Marina 1 Conduct formation evaluation programme which will include wireline logging, pressure and fluid samples, side wall cores, and a checkshot (velocity) survey. Plug and abandon well as planned. Drillsearch will evaluate the well results as logging operations proceed and the other formation evaluation programmes have been completed. Commentary Marina 1 has proved an active hydrocarbon system in WA- 318-P, with migration of hydrocarbons to suitable traps. WA-318-P is a very large Block covering approximately 3000 sq km. Drillsearch looks forward to the future exploration and appraisal of the Block. Currently the forward plan is expected to involve acquisition of new seismic followed by a further well. Next ASX Release and Commentary Following completion of the Forward Operations (see above). Abbreviations: TD: total depth; MDRT: measured depth from rotary table For enquiries contact: Philip F. Kelso Managing Director Michael L. Hutt Company Secretary Telephone: (02) 9241.4440 Email: [email protected]
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