pel 91, page-7

From Ann dated 25th November

Managing Director, Mr Brad Lingo said “Pennington-1 is a really exciting well for Drillsearch. It is the
first exploration well in PEL 91 for this financial year. With the well located along the oil fairway that
appears to have charged the Bauer Oil Field and being located so close to the Permian Edge, a good
result at Pennington opens up a broad area east of the Bauer Oil Discovery for further exploration.”
Pennington-1 will be drilled as a deviated well with logging and possible testing planned after the well
reaches total depth. The main target zone is expected to be penetrated 5 to 7 days after spud.

The PEL 91 Joint
Venture consists of Drillsearch (60%) and Beach Energy (40% and Operator).


Following the drilling of Pennington-1 the Ensign 930 rig will move to the PEL 106B Joint Venture where
it will drill the Cpprabie-1 wet gas explorations well.

Please note
During the December quarter 2011 the PEL 106B Joint Venture (Drillsearch 50%, Beach Energy 50% and Operator) signed a Gas Sales Agreement (GSA) with the South Australian Cooper Basin Joint Venture (SACB) (Santos 66.60%, Delhi Petroleum 20.21% and Orgin Energy 13.19%). The GSA is on on interruptible basis for a term to 30 April 2013 subject to a minimum quantity to be taken by the SACB Joint Venture,



As further results come to light it may provide a catlyst to the SP along with the fracking results which I thought would have been out by now.

Good lick to all LT holders