19 October 2010QUARTERLY UPDATE ON ACTIVITIES FOR THE PERIOD TO...

19 October 2010
QUARTERLY UPDATE ON ACTIVITIES FOR THE PERIOD TO 30 SEPTEMBER 2010
HIGHLIGHTS:
?h Secured strategic cornerstone investor as part of a $16.67m (before costs) capital raising.

?h Additions at Board and Management level and the consolidation of offices will ensure Company goes into the next 12 months stronger and more focussed.

?h Company now has funding to drill 2010 and 2011 commitment wells and to bring NWZ 2 onto production testing.

?h The Trial Production Licence application for the J-50 well is in progress.

?h Spudding of 2010 commitment well (J-52) planned by early November. J-52 will provide the opportunity to confirm reserves in both the Jurassic and Triassic horizons.