In conjunction with Halliburton Overseas Ltd, a subsidiary of Halliburton Co. and Parker Drilling Company, PNG "Cheetah" re-entered the Kuru#3 well on November 12th and reached a PBTD of 3630 feet by drilling out the cement plugs. The middle and upper Darai limestone was perforated. During these operations a review of current data confirmed that this first well was the Kuru #3 well. Open hole logs have indicated hydrocarbons and the well is currently shut in and being monitored for pressure build up.
The site of the next well, Kuru#2 is currently being prepared and a re-entry program is slated for the first quarter of 2006.
The Company is evaluating and exploring for energy resources on its five 100% - owned and operated Petroleum Prospecting Licences and one Petroleum Retention Licence of approximately 8.3 million acres in Papua New Guinea.
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