Ausam Spuds Parknook-7 Well

Ausam Energy has spudded the Parknook-7 well, the second well in its 2005 drilling program in the Surat/Bowen Basin of Queensland, Australia.

Drilling commenced on the Parknook-7 development well on April 23, 2005. Parknook-7 is the second of a series of development wells to be drilled in the PL 71 license in Queensland, Australia. The up-hole section of the Parknook-7 gas development well will be conventionally drilled, similar to the Namarah-7 well. The up-hole section of first well, Namarah-7 was logged and cased on April 17, 2005, on time, on budget and on target.

Production results from the Parknook-7 and Namarah-7 wells are expected by the end of June 2005 after the Triassic Showgrounds and Rewan reservoirs at both wells are drilled underbalanced with a coiled tubing unit.

The PL 71 licence, which contains the producing Parknook and Namarah fields, is a 33,112 acre (52 section) permit located in the Surat Basin of Queensland, Australia.

Following the drilling of the Parknook-7 gas development well, the Ungabilla-1 exploration/commitment well in ATP 754P will be drilled. The Ungabilla-1 well will be drilled conventionally to test initially the Permian upper and lower Tinowon sands.