Ahh that's better....Announcement reads:L&M Petroleum Commences...

Ahh that's better....

Announcement reads:

L&M Petroleum Commences Drilling Second Well in Southland

L&M Petroleum Commences Drilling its Second Well in Southland
L&M Petroleum Limited (LMP) announces that, earlier today, it ‘spudded’ its second well in its
2007 exploration campaign, the Sharpridge Creek-2 well in Petroleum Exploration Permit (PEP)
38226 in the Waiau Basin, Western Southland District, New Zealand. The well is located north
east of the Eastern Bush-1 well currently being drilled by the Company (refer to location map).
The Sharpridge Creek-2 well is being drilled as an appraisal to the Sharpridge Creek-1 well drilled
by the Company in early 2006. That well encountered gas and oil shows over a gross interval of
120 metres in the Beaumont Sandstone, including flaring gas from two test zones and recovering a
trace of oil from a third zone. Analysis of the Sharpridge Creek-1 wellbore indicated that the
wellbore was located on the flank of the structure.
A 2D seismic programme acquired in February this year confirmed that potential exists higher up
on the structure from the Sharpridge Creek-1 well. LMP has entered into a contract with
Washington Exploration Limited to use their rig and crew to drill the Sharpridge Creek-2 well.
The Sharpridge Creek-2 well will be drilled to a total depth of 459 metres and is targeting Best
Case potential resources of 1.5 million barrels of oil at a location predicted to be 58 metres
structurally higher to Sharpridge Creek-1.
LMP’s Managing Director, John Bay, said, “The Beaumont Sandstone is the primary exploration
objective in the Waiau Basin and the presence of shallow oil and gas in the Sharpridge Creek-1
well is very encouraging for ongoing exploration in the area.”
L&M Petroleum Limited is sole owner and operator of the Sharpridge Creek Prospect and this well.