I agree Thricha, personally the last thing I wanted was a low...

I agree Thricha, personally the last thing I wanted was a low ball takeover bid for Drillsearch prior to Marina drilling or even prior to Turtle/Barnett Drilling. Have been in Drillsearch for three years waiting for these company making prospects to get some action.

Extract from Corporate update:

Marina 1 – WA318P, Bonaparte Gulf

Detailed preparations for the drilling of Marina 1 well are in progress. Site testing involving hydrographic surveys and shallow core drilling at the Marina 1 location will
commence shortly. Currently the jack-up Rig “Wilcraft” is drilling the Hurricane 2 well on the north/west shelf. The current drilling schedule for Wilcraft will see Marina 1 now commencing in early October, 2007.

Turtle/Barnett Project – Retention Leases

Drillsearch has obtained extensions of the retention leases covering the Turtle/Barnett project, which are estimated to hold approximately 90 million bbls of OOIP in several zones. The project has potential to delineate a recoverable resource of 15 to 20 million barrels.

With the extensions in place the forward programme for Turtle/Barnett has commenced with reprocessing of the entire seismic data set underway. This reprocessing will generate a fully integrated seismic data set and lay the ground work for 3D seismic surveys later this year and in early 2008.It is hoped these surveys will generate an appraisal drill location to be drilled in September 2008.

Drillsearch has committed the Wilcraft rig to drill one (1) well at Turtle/Barnett and has an option on the rig to drill a follow up well.

The option well will be available to drill an appraisal well in the event of a discovery at Marina 1.

Regards

SP