15:43, Tuesday, 6 September 2005 Sydney - Tuesday - September 6:...

15:43, Tuesday, 6 September 2005

Sydney - Tuesday - September 6: (RWE Australian Business News) -
Shares in Great Artesian Oil and Gas Ltd (ASX code: GOG) rose 5c to as
high as 23.5c today following an oil discovery at the Kiana-1 well.
The fourth drill stem test, completed earlier today over the
interval 1939m to 1948m, flowed gas at 2.98 million cubic feet per day
with 1100 BOPD of 52 degree API oil, with no water, at a stabilised rate

through a half-inch choke.
This is the first oil discovery for Great Artesian since listing
on the ASX in August 2003.
The Kiana prospect is located in PEL 107 and is traversed by an
existing oil pipeline, connected to the adjacent Spencer oilfield.
The nearest gas pipeline is about 6km to the southeast.
"This is an excellent result and with such close proximity to
infrastructure we look forward to completion and production within a
relatively short timeframe," chairman Mr Norm Zillman said.
"This discovery, together with our previous Paranta and Smegsy
gas condensate discoveries, establishes Great Artesian's position as a
future significant player in the South Australian Cooper Basin," Mr
Zillman continued.
Participants in the Kiana-1 well are operator Beach Petroleum
Ltd (ASX code: BPT) 40 per cent, Great Artesian 30 per cent and Magellan
Petroleum Australia Ltd (ASX code: MAG) 30 per cent.
ENDS