update

Present Depth: 3,241mMD
Time of Reporting: 0600 hrs, WST 20 September 2007
Operations Since Last
Report:
Directionally drilled to 3241m. Changed the drill bit and reconfigured
the directional assembly and now preparing to recommence drilling
ahead
Current Operations: Drilling Ahead
Hydrocarbon indications: None
Comment:
Lithologies presently being drilled are predominantly tight limestones
and minor claystones of probable Devonian age with minor mud gas
shows observed. The target Virgin Hills Formation clastic section has
yet to be intersected.
Correlation of the new Valentine 1 stratigraphy with Puratte 1; the
most equivalent well (50 kms away); indicates that the top of the
Virgin Hills clastic objective is now prognosed slightly deeper at
approximately 3315m MD. This change in prognosed depth is not
structurally significant and reflects the uncertainty of prediction of
stratigraphy and depths in an underexplored basin.