Eaglewood Drills Ahead at PNG Ubuntu Well

Eaglewood, as operator of the Ubuntu Area announced that as at 21:00 hrs (GMT +10hrs) the Ubuntu-1 well was drilling ahead in 8 ½" hole at 2600 meters, after having successfully drilled and cased 12 ¼" hole to 2405 meters. The Ubuntu-1 well is expected to reach total depth of approximately 3600 meters in early February.

Over the course of the next week, the anticipated operations will be to drill the remainder of the 8 ½" hole to the top of the Alene Formation at approximately 3220 meters, and set the 7" liner.

The Ubuntu-1 well is located on Petroleum Prospecting License 259, approximately 17 kilometers east of the Ketu and Elevala gas condensate discoveries in Papua New Guinea. Eaglewood is the operator of the 259 License, holding a 40 percent participating interest in the Ubuntu Area and a 90 percent interest in the rest of the 259 License.