todays drilling report

ASX ANNOUNCEMENT 15 JANUARY 2008
Habanero 3 Drilling Progress
Geodynamics is pleased to announce that since the last update following the
successful completion of cementing the 244mm (9.5/8”) casing the following
preparatory work for the 216mm (8½”) section has been completed:
• Successful testing of all equipment including the 244mm casing, to
design pressures.
• Installation of the next wellhead spool piece required for the 216mm
hole section.
• Preventative maintenance on the top drive system prior to making up
the drilling assembly.
• Extensive drill crew training into the specific procedures and equipment
to be used for drilling the 216mm section.
• Installation and testing of the Managed Pressure Drilling (MPD)
equipment package which includes a rotating control head, a choke
manifold system, high pressure pump and associated control systems.
MPD is a system that will be used to aid detection of the main fracture.
Currently the rig is running the bit into the well on drill pipe and it is anticipated
drilling will commence within the next 24 hours.
The forward drilling program will now focus on completing the drilling of the
216 mm diameter hole in the granite to intersect the target fracture zone. We
anticipate that drilling the 216 mm diameter hole will be completed to a hole
depth of 4,252 m ± 46m (13,950 ft ± 150 ft).
GDYO Options – 31 January 2008 Exercise Date
Following numerous inquiries from option holders requesting an extension to
the exercise date for the above options, the company would like to state that
under S 6.23.3 of the ASX Listing Rules the company is unable to extend the
exercise date of the options.
S 6.23.3 states that “A change which has the effect of reducing the exercise
price, increasing the period for exercise or increasing the number of securities
received on exercise cannot be made.”