valentine update

Prognosed Depths
(measured KB):
Top primary objective Total depth
3,222 metres 3,407 metres
Prognosed drilling time: 25 days
Spud Date: 1230 hrs, WST 12 August 2007
Present Depth: 3,038mMD
Time of Reporting: 0600 hrs, WST 10 September 2007
Operations Since Last
Report:
Continue to directionally drill ahead to the primary target,
Virgin Hills Formation.
Current Operations: Pulling out of hole for a bit change
Hydrocarbon indications:
Elevated gas levels above background gas levels were
detected whilst drilling interbedded limestones, sandstones
and claystones of the Clanmeyer Formation. The
significance of these gas readings will be determined once
the well has reached total depth and wireline logging has
been completed.