Nudgee-1 Spudding Edges Closer for Entek

Entek Energy Limited on Wednesday said that it is earning a 28.15% interest in ATP-269P by contributing 66.10% of the drilling of three wells in the southwestern Queensland concession. The company said that the third well in the earn-in process, Nudgee-1, should spud before June 15, 2007.

To date Entek has participated in the drilling of two wells, Coolum-1 and Byrock-2, both of which were discoveries. Coolum-1 is currently on production. Byrock-2 is set for completion in the late-June/early July time frame following delays relating to work-over rig availability and access problems caused by local rains.

The structure to be drilled, Nudgee-1, is one of many four-way dip closures confirmed by the Trocus 3D seismic survey carried out by the joint venture in 2006. It forms part of a northwest trending structural high.

Gumla-1 was drilled in 1988 and recovered 17 BO from the mid-Birkhead and 5 BO and water from the top Hutton Sandstone. Following the interpretation of the Trocus 3D seismic survey, it was recognized that Gumla-1 was drilled off crest and that up dip potential exists. Nudgee-1 has been proposed to appraise this up-dip potential at both the mid-Birkhead and Hutton levels.

The primary objectives for the well are the sands of the Middle Jurassic Birkhead Formation and the Hutton Sandstone. Weak secondary potential is also recognized in the Basal Jurassic.

Structural mapping at the mid-Birkhead level, based upon 3D seismic, indicates that the Nudgee prospect has approximately 20 meters of structural relief and encloses an area of at least 2.2 sq. km.

If Nudgee-1 is successful, Entek will earn 28.15% of production from the well (after deduction of royalty and operating costs) and thereafter will have earned a full 28.15% in the ATP-269P joint venture.

Following the drilling of Nudgee-1, the rig will move to the 2nd well in the Program--Marcoola-1--details of which will be provided in further announcements.


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