Sasanof Details from Clon Chairman

I just arrived back from Perth, and we are still studying the logs and samples.

For 7 glorious hours we thought we had a medium-sized hit in the shallow target - but logs-while-drilling are only a rough guide. When they later got the density and porosity readings, the geos decided that both targets are water-wet. I don't completely understand yet what happened but we should have better information in the coming days. Resistivity logs needed to be reversed - and porosity readings.

But they seems sure that it is water-wet. We will pull-out early, and move onto the next project.

David.