FAR: Tests Confirm 33 feet of Pay in Kicker Well

First Australian Resources Limited (FAR) said that the Marceaux #1 well, located on the Kicker Prospect in Vermilion Parish, La., has reached planned total depth of 13,264 feet. A subsequent series of tests—including Electric Logging, Repeat Formation Testing, Sidewall Coring, and Formation MicroImaging (FMI)—confirm 33 feet of net pay in the Alliance 2 and 3 Sand objectives. FAR, which has a 5% stake in the well, said that preparations are in progress to run 5 ˝-inch production casing in the well.

The main and deeper objective Alliance 3 Sand extended over a total interval from 12,930 to 13,000 feet. Within this interval the FMI images and sharpened analysis demonstrate 27 feet of net pay. Both oil and gas (no water) were recovered in sample chambers during formation testing with pressure readings of approximately 11,700 psi.

The secondary objective Alliance 2 Sand, which had excellent mudlog shows including C1, C2 and C3, extended over a total interval from 12,720 to 12,750 feet. Within this interval FMI images and sharpened analysis demonstrate 6 feet of net pay.

The well is located on a 1,017-acre lease block in Vermilion Parish in South Louisiana and was drilled using Great Wall Drilling Rig 172. The location is supported by a combination of subsurface well control and 3D seismic on the northwest flank of the Kaplan field that has produced 300 BCF gas.

The Kicker Prospect is a three-way dip fault closure approximately 200 feet structurally high to a well that encountered excellent oil and gas shows. The objective sands are productive in several adjacent fault blocks. Existing infrastructure lies nearby providing for quick sales turnaround in the event of a successful well.

The Operator is Sandalwood Exploration LP of Houston, Texas. In the event of a successful well, FAR's working interest reduces to 3.75% after payout. All other participants are North American entities.

Rainosek-Halletsville Project, Lavaca County, Texas (FAR 20%)

Production casing has been successfully run in the Bujnoch-Bender #1 well. The well will be completed for production commencing with the lowermost zones and produced progressively until all Upper and Middle Wilcox intervals are depleted.

Electric logs confirm approximately 60 feet of net pay (primarily gas) from several thin zones in the Upper and Middle Wilcox sections between 5,800 and 8,000 feet.

The well is located 1,200 feet southeast of the Rainosek-1 well.

Rainosek is a development project located in Lavaca County Texas. The leasehold area comprises approximately 632 acres located on and to the southeast of the Word Field area and is covered by 3D seismic and includes two wells and associated production equipment including tanks and pipelines. New leases have been secured on the Bender and Bujnoch tracts, to enable the drilling of the Bender-Bujnoch-1 well.

A pump was recently installed on the Rainosek 3 well which is currently producing 50 barrels of oil per day from the 7400' zone.

FAR's working interest is 20.0 percent. The Operator, Texas based Trio Operating Company, has operated numerous other wells for FAR. Other working interests include Lake Long partner, Kriti Exploration, Inc.

FAR's executive Chairman Michael Evans said:

"Kicker is another satisfying result for FAR and brings to three the number of wells we are completing for production from three wells drilled to date during 2007 in our North American program."

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