Enterprise Energy Says Rossco-1 Well to Spud Shortly

Enterprise Energy has been told by Great Artesian Oil and Gas Limited (operator), that Century Rig No. 3 is in the process of moving onto the Rossco-1 location in PEL-106 in Australia.

The Rossco-1 site is located approximately 5 km north of the Smegsy-1 new gas field discovery. Rossco-1 will primarily target gas in sands of the Patchawarra Formation, the same unit from which several other gas fields in the area produce. Rossco-1 is located on a structural anticline, which has the potential to hold approximately 12.8 BCF (P50 case) of gas. Additional secondary targets also exist. The planned total depth of the well is 3000 meters and is expected to take 25 days to drill.

Prior to drilling Rossco-1, the rig will undergo scheduled maintenance and the drilling contractor estimates that Rossco-1 will spud around the middle of December.

Immediately following the completion of drilling Rossco-1, the rig will move to the Udacha-1 location, also in PEL-106 to drill Enterprise's second well in this current drilling campaign.

The Joint Venture participants in Rossco-1 are Enterprise Energy NL with 12.5%*; Great Artresian Oil and Gas Limited as operator with 50%; and Energy Investments Limited 37.5%*