EPE might be in for another run. Announced after close of...

EPE might be in for another run. Announced after close of market

PEL 88 Renewed and Additional Interests Acquired
Enterprise Energy Limited wishes to advise that Traditional Oil Exploration Pty Ltd (Traditional)
(a wholly owned subsidiary of Enterprise Energy Ltd (EPE)) has been notified by Primary
Industries and Resources SA (PIRSA) that it has renewed PEL 88 for a period of 5 years as of
17 May 2008, and approved the assignment of permit interests. The renewal involves a work
program of geological and geophysical studies and the drilling, in permit year five, of one well.
As previously mentioned in an announcement to the ASX on 1 April 2008, Traditional and
Victoria Oil Exploration (1977) Pty Ltd (VicPet) (a wholly owned subsidiary of Victoria Petroleum
NL (VPE)) had reached agreement with the other PEL 88 licence holders, being Cooper Energy
Limited (COE), Sundance Energy Australia Limited (SEA) and Liberty Petroleum Corporation
(Liberty), to assign their permit interests in PEL 88, with effect from the renewal of the permit.
PIRSA has advised that these assignments have been approved, so that the participating
interests in PEL 88 will now be as follows:
1. VicPet 50% (Operator)
2. EPE 50%
The Executive Chairman of Enterprise Energy Limited, Dr Ray Shaw, said that the acquisition of
this interest was particularly strategic for the Company, given its other interests in the region
(see accompanying map) including ATP 549 (West) and ATP 539 in the adjoining Southwest
Queensland portion of the Cooper Basin. “The recent discovery at Cuisinier by VicPet and its coventurers
Santos and Avery, west of the Cook Oil Field, again highlighted that the western flank
of the Cooper Basin has untapped potential for further oil discoveries. Moreover, the proposed
development drilling in August 2008 in the James Oil Field production licence (encompassed by
PEL 88), by the Santos led Joint Venture, specifically highlights the oil potential of PEL 88”, Dr
Shaw said.