Cooper Updates on Rig, Materials for Offshore Tunisian Well

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Cooper Energy reported that, in regards to the drilling of the offshore Fuchsia-1 well in the Gulf of Hammamet, Tunisia, bids have been received by the Operator (Storm Ventures International Inc.) for the rig and materials. Four rig contractors have offered their services
at competitive day-rate prices with near-term availability.

The process now is for the Operator to seek Tunisian Government approval for the preferred bidders so that the various contracts for the rig and materials can be awarded. The timing to receive the approval is uncertain but we hope that it can be concluded within a month or so. Once this approval is received Cooper Energy will be able to announce the rig selected to drill the Fuchsia-1 well.

The issue of seafloor soil testing in relation to the specific rig bids also remains to be addressed and we are looking forward to the Operator completing these negotiations in a timely manner.

The next expected announcement on Fuchsia-1 will follow approval of the preferred bidders -- at which time the most likely spud date for the well should be known.


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