Drillsearch Begins Seismic Survey Offshore Australia

Veritas DGC has commenced a 2D seismic survey for Drillsearch on its southern Bonaparte Gulf exploration permits WA 317P, 318P and 319P located approximately 150 kilometers west of Darwin. The permits adjoin WA 279P and WA 313P where Woodside made a substantial gas discovery with its the Blacktip 1 well in August 2001. That well recorded combined gas flow rates of 89 million cubic feet per day principally from the Permian interval. Veritas will collect approximately 760 kilometers of new high quality 2D seismic data under Drillsearch's 2002 work program. The new data will be merged with existing 2D data. The survey has been designed to further delineate a number of major leads indicated from initial seismic mapping of the Permian and Carboniferous intervals within the permits and up dip from the Blacktip discovery.

Drillsearch said major leads within the permits at the Carboniferous interval have indicated potential original oil in place in individual leads of between 265 million to 2.36 billion barrels. Leads at the Permian interval have indicated potential OOIP in individual leads of between 72 and 285 million barrels. Drillsearch is currently in discussions with several oil companies about the possibility of a farm-in. Drillsearch owns 100 percent of WA 317P, 318P and 319P permits.


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