up the stairs down the elevator, page-3

Very much so at the moment.
Just have to keep waiting...................
First survey was starting on September 30th and expected to take 20 days - we're almost there!!


27 September 2007
ASX Limited
Company Announcements Office
20 Bridge Street
SYDNEY NSW 2000
SC54 Operations Update
Kairiki is pleased to announce an operational update on SC54.
Seismic Acquisition Operations
a. 3D acquisition
Following the preliminary interpretation of the Abukay 3D data, the SC54 JV plans to extend the 640km2 Abukay 3D seismic survey westwards by a further 165km2 to ensure full coverage of the large scale Princesa fan targets and the Pagasa turbidite play fairway in SC54 (see figure below). The survey is expected to start on September 30th and take approximately 20 days.
b. 2D acquisition
SC54 is a large block covering some 5376km2. To date the evaluation of SC54 has been largely focused in the northern third of the block, driven by the 3D coverage of the Abukay survey, whilst the southern portion of the block remains largely unexplored. Given a 2D survey is scheduled for permits contiguous with SC 54, the joint venture has elected to take advantage of the presence of the seismic vessel and acquire a further 454km of 2D data over the less explored southern part of the block. This survey is expected to provide the JV with an initial analysis of the prospectivity of this part of the block and is expected to commence in November.
3D Final processed products and evaluation status
Kairiki advises that we anticipate receiving the final processed products from the initial 640km2 Abukay 3D survey in early October. These more refined processed volumes are key to advancing the current lead inventory, particularly in assessing the reservoir architecture of Coron North and the range of deepwater fan and channel targets in the inventory (see figure below). We anticipate analysis of these final volumes will result in a risked and ranked prospects and leads inventory by early December 2007. We anticipate delivery of the final processed products from the additional 165km2 3D extension about to be acquired (as per above) in March 2008.
We are greatly encouraged by the potential of the diverse inventory we see to date in SC54 and keenly await delivery of these final processed products, essential to further maturing these targets into a high-graded drill-ready commercially attractive prospect portfolio.
For further information please contact:
Paul Fry
Managing Director
Kairiki Energy Limited
Tel: 0422 001 188
Email: [email protected]
Kairiki Energy Limited | Suite 3 Churchill Court | 331 – 335 Hay Street | SUBIACO WA 6008 AUSTRALIA
Phone: (+61 8) 9388 6711 | Fax: (+61 8) 9388 6744 | Website: www.kairikienergy.com | ABN: 34 002 527 906
1000200505050SC54Princesa(2D defined)CoronNorthLobe BLobe CCoronWestLobe ALobe D(2D defined)CoronCoronto NidoIIX Fill-SpillNidoproducing fieldsNido1X1 Re-drillPagasaWestNido1 Re-drillGuntaoDGuntaoAPagasaNorth10 kmWater Depth (m)OilfieldsNidoStructuresPrincesaFan MoundsWellUpper PagasaChannelsAbukay3D; 165km2tocommence late Sept 2007 Abukay3D; 640km2acquired to Jan 2007 1996 acquiredspeculative 3D SC14A50501000200505050SC54Princesa(km10 Water SC14A5050
SC54 3D Coverage with respect to shallow and deepwater portfolioAbukay3D –640km2acquired to date, 165km2to commence acquisition late SeptemberSC54 September
Kairiki Energy Limited | Suite 3 Churchill Court | 331 – 335 Hay Street | SUBIACO WA 6008 AUSTRALIA
Phone: (+61 8) 9388 6711 | Fax: (+61 8) 9388 6744 | Website: www.kairikienergy.com | ABN: 34 002 527 906