Coogee Resources Makes Second Timor Sea Discovery

Coogee Resources has made a second discovery in the Timor Sea, enhancing its plans for development of the Montara/Skua oilfield later this year.

The discovery is at Swallow-1 in the Exploration Permit AC/P34 in the Ashmore Cartier area of the Timor Sea in which Coogee Resources holds a 100% interest and follows on from the earlier discovery at the nearby Swift North-1.

The Swallow-1 well intersected a 25 meter oil column in the primary objective Plover Formation that tested successfully as a high producer. The well also encountered a 3 meter oil column in a secondary objective that will need further appraisal. Diamond Offshore's semisub, Ocean Bounty drilled both wells for Coogee.

Coogee Resources Chief Executive Peter Hood said Swallow had the potential to contain up to 2 million barrels of recoverable oil and potential production rates in excess of 5000 barrels of oil per day.

The discovery lifts Coogee Resources' combined total reserves around the Montara oilfield to approximately 38 million barrels of oil.

Mr. Hood said the discovery closed a very successful drilling campaign.

"The Swallow, Swift and Skua oilfields are within tie-back distance of the Montara project, which is the main focus for Coogee Resources," said Mr. Hood.

"Swallow reinforces our view that Montara is shaping up very well and is on schedule for development later this year, with first production planned for mid 2008."

Coogee Resources Limited was established as a standalone, independent unlisted public company to house and develop the upstream oil and gas interests of Coogee Chemicals Pty Ltd.

In 2003, Coogee Resources acquired a portfolio in the Timor Sea that included shares of production and exploration assets in the Timor Sea, including the Jabiru and Challis oilfields and the Montara prospect. The Company later acquired the exploration permit AC/P34 which contains the Skua oilfield, as well as the Swift and Swallow prospects.

Coogee Resources is proposing to develop Montara and adjacent oilfields with collective reserves of approximately 38 million barrels. Funding is scheduled for 3Q 2006 and development of the Montara project is due to begin in 4Q 2006.

The Company intends to develop the 3 adjacent fields - Montara, Skua and Swift - through a new Floating Production, Storage and Offloading (FPSO) vessel. The vessel will be located south of the FPSOs operating at the Challis and Jabiru oilfields, which are 70.94% owned and operated by Coogee Resources.

Coogee Resources is considering a range of options for funding the development of the Montara project, including an IPO and listing on the ASX.

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