Great Artesian Says its Spinel 3D Survey has Started

Cooper Basin
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Great Artesian Oil and Gas says that work on the Spinel 3D Seismic Survey commenced on December 15, 2006. Covering a total of approximately 500 sq km of portions of PELs 106 and 91, this survey will be the largest exploration 3D seismic program ever undertaken in this region of the Cooper Basin.

The program is expected to take some 4 months to complete and the total cost will be around $8 million, which is largely funded by Beach Petroleum Limited and Energy Investments Limited, as part of their respective farmin obligations.

This program will enable a large drilling inventory to be established, particularly in the Beach Petroleum Farmin Block and Energy Investment Limited Farmin Block ("Spinel block") portions of PEL 106. The seismic program will focus coverage on the western rim of the Patchawarra Trough (see attached map) and aid in the delineation of potentially large stratigraphic gas/condensate traps in a geological setting similar to that of the Raven Gas Field. This will include 3D coverage across the recent Udacha and Middleton gas/condensate discoveries in order to enable planning for future development of these fields.

Approximately 150 sq km of the seismic will be funded by Beach Petroleum as part of their on-going farmin commitments to the Beach Farmin Block, and 300 sq km will be funded by Energy Investments as part of their farmin commitments to the Spinel Farmin Block. The remaining 50 sq km of the Spinel 3D survey will provide coverage across the Middleton, Udacha, Paprika, Rossco, and Smegsy fields in accordance with the various joint venture arrangements. Great Artesian will operate acquisition of the Spinel Seismic Survey.

Following completion of the Spinel 3D acquisition, Beach Petroleum will have a commitment to fully fund 2 exploration wells and Energy Investments between 1 and 4 exploration wells within their respective blocks, with drilling expected in the latter half of 2007. Great Artesian will retain a 50% interest in both farmin blocks.

This program will complement Great Artesian's oil focused exploration program in PEL 91, immediately to the west. Interpretation of the recently acquired 325 km 2D Cadulus Seismic Survey is expected to confirm up to 20 targets located in the highly prospective oil prone fairway extending from Christies and Callawonga oil fields in PEL 92, northeastwards to Victoria Petroleum's Growler-1 oil discovery in PEL 104. A multiple exploration well drilling program is expected to commence during Q2 2007.


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