FAR Reports Redfish Reef Puzzler

First Australian Resources Limited (FAR) said that the ST135S #1 well has reached planned total depth of 9,900 feet and has been logged to evaluate hydrocarbon shows evident on mudlogs over five discreet Frio Sand Intervals.

Logging indicates no resistivity in any of the key beds and mudlog shows appear to be limited in nature suggesting the well failed to gain structure over offset control wells. There were two small blips of resistivity in the Frio 18 Sand (with gas shows and fluorescence) however these are not considered to be commercial. The well will be plugged and abandoned.

The data learned from the well will now be incorporated into the existing 3D data set to determine if any potential remains within the leases that comprise 640 acres. The ST135S #1 well, in which FAR has a 12.5% working interest was located in the Redfish Reef Area of Galveston Bay State Tract 135, offshore Gulf of Mexico.

The Operator is Genesis Production Co of Houston, Texas. All other participants are North American entities.

Commenting on the well outcome, executive Chairman Michael Evans said that:

"Given the subsurface well control and 3D coverage this result is somewhat puzzling and FAR will undertake follow up studies of the data gleaned from the well to determine why it failed at this location and to evaluate potential elsewhere on the lease block. Concurrently, progress is being made toward the drilling of at least 2 further wells in the gulf coast program at Lake Long and West Andrew Fields both in South Louisiana."

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