Eromanga Hydrocarbons NL Level 15, 484 St Kilda Road Melbourne Vic 3004 Australia Company Announcements Office Australian Stock Exchange Limited ASX and Media Release Monday 26 May 2008 Update – Well 1-NORD-1-SE Block 430, Sergipe Alagoas Basin, Brazil Eromanga Hydrocarbons NL (ASX: ERH, ERHO and ERHCA) will provide a weekly update on drilling at well 1-NORD-1-SE and otherwise make announcements to the ASX as required. Casing has been run and cemented to a depth of 1,300m. Evaluation and flow testing will now be undertaken using a work-over rig. This means that the SONDA – ETX2 exploration rig has been released by the Joint Venture. The Joint Venture intends to secure a work over rig in the next week. Day rates for work over rigs are materially lower than for exploration rigs and the work over rig will provide greater flexibility for production testing. Weekly updates to the ASX on 1-NORD-1-SE will recommence once the workover rig has been mobilised. Phil Galloway Chief Executive Officer Enquiries: Please call Phil Galloway (w) +613 9867 7828 (m) +61 (0)413 640 120 [email protected] www.erohydro.com The well at Block 430 is the second in a two well program in the Sergipe Alagoas Basin that Eromanga is undertaking with its local partner Gavea. The first well, on Block 330, was completed as a future producer on 25 March 2008. Gavea is operator and holds the remaining 60% interest in both blocks 330 and 430 where the wells are located. ERH’s interest in the Joint Ventures is subject to ANP approval. Following this program, Eromanga expects to drill up to three wells in the Reconcavo Basin as part of its joint Venture with Silver Marlin (ERH 50%). In accordance with ASX Rules, the information of this release has been reviewed and approved by Mr John Weston, Executive Director of Eromanga Hydrocarbons NL, BSc (Hons) and MSc Geology. Mr Weston is a member of the Society of Petroleum Engineers and has more than 30 years of relevant experience within the industry and consents to the information in the form and context in which it appears. Figure 1 – Locations of Sergipe Alagoas Basin Figure 2 – Location of Gavea/ERH JV Blocks Sergipe Alagoas Basin Figure 3 – Well 1-Nord-1-SE (Shown as “Loc”)
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