ASX release - in part:We are pleased to announce that Parsons-3,...

ASX release - in part:

We are pleased to announce that Parsons-3, the first well in the 2011 PEL92 area drilling campaign,has successfully intersected a nine metre oil column in the Namur reservoir, in line with pre-drill expectation.

The well reached a total depth of 1,410 metres yesterday morning and since then wireline logs were run, confirming the presence of a nine metre oil column in excellent quality sandstones of the Namur oil reservoir.

Preparations are currently being made to case and suspend the well for later tie-back to the Parsons production facilities. The well will provide an additional drainage point for the Namur oil reservoir to the north of the Parsons-1 discovery well.

The Parsons oil field is currently producing approximately 1,100 barrels of oil per day (100% JV) from two wells in the Namur reservoir. The Parsons-3 production well is expected to accelerate production and increase reserves.

The impact on production rates and reserves will be assessed once the full results of the current Parsons appraisal/development drilling program have been evaluated and production rates from the new development wells have been established."