re: getting riper 31 March 2005 Companies Announcement Office...

re: getting riper 31 March 2005 Companies Announcement Office Australian Stock Exchange Limited 20 Bond Street SYDNEY NSW 2000 By e-lodgement NOW DRILLING JACK HAMAR 1-12 (3-13) WELL Nuenco NL (“Nuenco”) is pleased to announce the spudding of the Jack Hamar 1-12 (3-13) well early this morning Californian time. Jack Hamar 1-12 (3-13) is the third well drilled by Nuenco in California and comes after the success of Jack Hamar 2-13 which reached total depth at the end of last week. In our last announcement we called this well Jack Hamar 3-13 because it is the third well coming off the pad in block 13. It has been given the name 1-12 because it is a directional well which heads northwest into our adjoining block 12 where it is expected to TD. As with the 2-13 well, the 1-12 well is designed to move updip into thickening gas bearing sand sections identified in 1-13. It is expected to be at total depth within 7 days of the spud date and will test multiple targets on its way to that depth. Well status at 10:00 am 31 March 2005 (WST Australia): Spud Date: 12:01am 30 March 2005 (US Pacific Time) Current Operations: 1000’ and drilling ahead Location: South East Lost Hills are, County of Kern, State of California contained within Township Block 28 South, Range 21 East Operators: Nahabedian Exploration Group LLC Drilling Contractor: Paul Graham Drilling Managing Director Anthony Kain noted: Jack Hamar 1-13 found a lot of gas and 2-13 found more which is what we were looking for. With 1-12 we are seeking to go further updip into these gas bearing sands before we move onto the Jack Hamar
1-1 pad to drill 2-1 updip into the zone that gave us strong gas indicators before we set casing on the 1-1 well. Now we have successfully run and cemented casing in 1-13, 2-13 (and look forward to doing this with 1-12) we will look to open up the wells and access or create the permeability we need to get the gas to flow to surface at commercial rates. This testing process will enable us to begin to properly calculate reserves. To repeat what I have said before, we are at an exciting stage now in this 4 well program (with 2 drilled and one underway now) to understand potential for the most part untested in our blocks on the well established productive anticline that extends into the giant Lost Hills fields through our acreage. The new targets the operator is pursuing here are good producers in nearby fields and the potential in these reservoirs is not insignificant in this valuable market place (one where the value attached to gas in the ground can be as high as USD3.00 per mcf). As I have commented in the past, the development of such a play will attach real value to the acreage position Nuenco has in California. The current participants in the Jack Hamar joint venture are: • Nuenco LLC 37.5% • Orchard Petroleum Inc 37.5% • Nahabedian Exploration Group LLC 25% We look forward to reporting our progress. Yours faithfully Peter Landau Director/Secretary The geological information included in this announcement is the technical assessment of the available information by Mr Jack West, a qualified geologist employed as a technical consultant to the Company. Jack has practiced as a geologist in the petroleum industry in California for 44 years. Please address any queries you have to Office Manager Lisa Mclean at Nuenco on +61 (0)8 9388 8431 and she will address these to Anthony Kain so he may either contact you or come back with his comments. Further, please go to www.nuenco.com for materials on our activities and recent investor presentations.