Pem , through its holding in strike oil are looking good for the...

Pem , through its holding in strike oil are looking good for the near future hopefully.

RGS are a good entry if the merger happens with a fully franked divvy?


STRIKE OIL - VIC/P44 - CASINO 1 PROGRESS REPORT

Strike Oil NL (Perilya 34.3%) advises that as at 06.00 hours EST on
Tuesday the 3rd September 2002 the Ocean Bounty Semi-submersible
drilling rig has drilled the Casino 1 well to a depth of 1792 metres.
Gas indications have been encountered over the interval from 1743 -
1792 metres.

Current operation: Drilling ahead.

Forward plan: To drill ahead to total depth and then conduct a
wireline evaluation programme to establish
reservoir quality, reservoir pressures and
recover gas samples.

Anticipated time
to total depth: Approximately 2 days.

The significance of the gas shows cannot be assessed until this
programme has been completed. The VIC/P44 Permit interests comprise a
joint venture between Santos (operator) 50% and Strike Oil 50%.


T M Clifton
MANAGING DIRECTOR