Parker Drilling Will Not Increase Offer for AOG

Parker Drilling Company does not intend to increase its bid to purchase the shares and listed options of Australian Oil & Gas Corporation Limited.

On June 6, 2002, Parker Drilling announced its intention to make an offer to shareholders of AOG to purchase all outstanding shares of common stock and listed options of AOG for A$2.50 and A$1.30, respectively. On July 4, 2002, Ensign (Australia) Holdings Pty Limited revised its earlier offers to A$2.60 and A$1.40, respectively, with an automatic increase to A$2.70 and A$1.50 respectively if Ensign acquires a relevant interest in more than 50 percent of the AOG shares on or before July 11, 2002.