dls updated drilling schedule The schedule for commencement of...

dls updated drilling schedule The schedule for commencement of its nine (9) well oil drilling programme in south/west Queensland has been revised to late February, 2005.

In addition the sequence of the wells has been amended but will commence with appraisal drilling at the Mulberry field.

Details are as follows:
ATP 299P, Tintaburra Block – First Programme Drillsearch Interest – 10%)
Drillsearch will participate in four (4) new oil wells and the deepening of three (3) existing producing wells in the Tintaburra Block. Drilling will commence with Mulberry 2 around late February, 2005.

Details of the wells and revised sequence are as follows:
• Mulberry Field – Mulberry 2, 3 and 4 appraisal wells, details of which were announced to the ASX on 19th October, 2004.

• Tarbat/Ipundu Fields – Drilling to deepen three (3) existing producing wells, which
are currently open hole completions, casing and fraccing those wells to access
proved oil in two (2) zones. One (1) of these wells, Ipundu North 4, will be further deepened as a Hutton exploration well.

• Tarbat/Ipundu Fields – Tarbat 12, a new development well to access additional oil reserves at the Tarbat field.
ATP 259P, Naccowlah Block – Second Programme
(Drillsearch Interest – 2%) Drillsearch will participate in two (2) new development wells at Jackson field, namely
Jackson 44 and Jackson 45. Drilling is currently anticipated to commence following the
Tintaburra programme.

These nine (9) wells will provide additional incremental oil production and 1P reserves for Drillsearch.

Yours faithfully,
DRILLSEARCH ENERGY LIMITED
PHILIP F. KELSO
MANAGING DIRECTOR