Drilling To Commence Shortly on Chinguetti-4-3

The drill ship, Deepwater Discovery, is on location at the Banda exploration prospect and is anticipated to commence drilling shortly. Following guidelines from the Mauritanian authorities, this exploration well will be designated Chinguetti-4-3.

The Banda exploration prospect is an independent geological feature, situated in a water depth of 300 meters, and located approximately 21 kilometers to the east of the Chinguetti accumulation. The Banda exploration prospect is within the same reservoir sand system as the Chinguetti accumulation and will test a different geological trapping configuration. Fusion estimates that the Banda exploration prospect could hold a potential recoverable resource in the range 250 to 300 million barrels. The close proximity of the Banda exploration prospect to the Chinguetti accumulation could, in the event of joint success, result in a combined development, with potential commercial benefits. The Banda exploration prospect lies on the border between PSC B and PSC A, with the Chinguetti-4-3 well located in PSC A.

The Chinguetti-4-2 well has been temporarily suspended following mechanical failure of the testing equipment during preparation for a second production test. In the interests of drilling efficiency, the Joint Venture has decided to temporarily suspend the Chinguetti-4-2 well whilst replacement equipment is obtained and commence drilling of the Banda exploration prospect. Following completion of the Chinguetti-4-3 (Banda) well, it is anticipated that the drill ship will return to the Chinguetti-4-2 well to conduct a second production test prior to drilling a southerly appraisal well on the Chinguetti accumulation (Chinguetti-4- 4). The forward program will be confirmed prior to completion of the Chinguetti-4-3 exploration well.

Participants in the Area A PSC are: Woodside Mauritania Pty Ltd 35.0% (Operator); AGIP Mauritania BV 35.0%; Hardman Resources Ltd 24.3%; Fusion Oil and Gas NL 3.0%; Roc Oil (Mauritania) Company 2.7%

Participants in the Area B PSC are: Woodside Mauritania Pty Ltd 35.0% (Operator); AGIP Mauritania BV 35.0%; Hardman Resources Ltd 21.6%; Fusion Oil and Gas NL 6.0%; Roc Oil (Mauritania) Company 2.4%.


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