spud weeks away

Sidi Daher Prospect

Whilst the political situation and social unrest in the region of the planned well has stabilized, security and local police groups are currently focused on Libya.

The drilling rig support equipment and accommodation will be mobilised once the local police and security groups confirm that this can be completed in a safe and socially responsible manner.

ADX have secured clear support of the local community and it is anticipated that mobilisation of the accommodation will occur within weeks. Immediately following this, the drill rig and associated drilling equipment will be mobilised to site.

The Company is conscious that the well spud date is somewhat delayed from initial plans, as a result of what has been unusual and unpredicted occurrences in Tunisia. ADX, the operator of the Sidi Dhaher project, will continue to act responsibly and respectively, to ensure that local community support has been secured prior to committing to the mobilisation to site. Verus fully supports the operator?s cautionary and socially respectful approach.

http://www.asx.com.au/asxpdf/20110325/pdf/41xnfrkwm1kf79.pdf