Stokes Bay-1 Operational Update

Stokes Bay
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Arc Energy, says that the current operation at the Stokes Bay-1 well is pulling out of the hole to run casing after stabilizing mud losses in preparation for testing the Nullara Formation.

Plans are now being implemented to case and test the well. Due the angle of the well and hole condition, tubing conveyed logs rather than wireline logs have been run to TD and are being interpreted.

Preliminary interpretation indicates modest oil potential in the Anderson Sands that will probably need formation testing to verify commerciality. While the top of the Nullara Fm is recognized on logs at 2722mMD, below 2732m MD log quality is severely degraded by hole condition.

While conditioning the well for logging and preparing to case the hole, there have been other several instances where the mud column has been lost to the Nullara Formation at or near TD. As yet, there have been no cuttings or mud returns from the Nullara at this depth, and therefore as yet there is no indication of fluid type.

All JV partners are participating in the shallow part of Stokes Bay-1 (above 2589m MD). However, less than all parties are participating in the well below 2589mMD such that equity levels in this part of the Stokes Bay-1 well (below 2589mMD) are operator ARC Energy Limited with 69.25%, Emerald Oil & Gas NL with 12.75%, Pancontinental Oil & Gas NL with 10.0% and First Australian Resources Limited with 8.0%. Under the Joint Venture Operating Agreement, the non-participating parties in the deeper part of the well (Empire, Phoenix and Indigo) retain a future right to earn back into the well by the payment of penalties.


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