Drillsearch Kicks Off Drilling at Planet Downs-1

ATP 539
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Drillsearch Energy has advised that the Planet Downs-1 spudded on February 22, 2009. The well is being operated by Drillsearch under the name of its wholly owned subsidiary, Great Artesian Oil and Gas, which is the titleholder and operator of the ATP539P permit. Drilling is expected to take approximately 16 days as shown in the attached time-depth chart.

The Planet Downs-1 well is targeting oil trapped in a four-way dip-closed sub-culmination located along the structural axis of the Curalle Anticline, a component of the western margin of the Cooper Basin. The well is located updip of oil shows previously encountered in the Wyerie-1 well and is approximately 60km southwest of the Inland Oilfield. The Curalle Anticline is a large structural feature and regional focus for hydrocarbons migrating from the Windorah Trough to the east. The objective of the well will be to test P50 reserves of approximately 1 mmbbls in the basal Birkhead and Hutton Formations.

Drillsearch's farm-in partner in ATP539P, Bandana Energy is funding 50% of the Planet Downs-1 well. Under terms of the farmin agreement
Bandanna Energy is to fund 50% of the cost of two wells, having already funded the 50km Sungai 2D Seismic acquisition, to earn a 50% interest in the permit.

Under a separate agreement Drillsearch will apply monies deposited with it under previous expired arrangements by Red Sky Energy, which will essentially fund the other 50% of the Planet Downs-1 well and if it results in a discovery, Red Sky will receive a 25% interest in that discovery.

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