First Australian: Kicker Drilling to Begin Soon

First Australian Resources Limited (FAR) said that the Great Wall Drilling Rig 172 has arrived on location and is being rigged up prior to spudding the Kicker Prospect, located on a 1,017-acre lease block in Vermilion Parish, La. The prospect is supported by a combination of subsurface well control and 3D seismic and is located on the northwest flank of the Kaplan field that has produced 300 BCF gas.

The Kicker Prospect is a three-way dip fault closure that will be evaluated by a dry land straight hole test to a planned total depth of 13,200 feet. The well is expected to spud during the next few days and has a planned drilling duration of approximately 42 days.

The test well is prognosed to be approximately 200 feet structurally high to a well that encountered excellent oil and gas shows. There are two objective sands: the Alliance 2 and 3 sands, which are estimated by the operator to have potential in the order of 22.8 BCF gas and 2.2 million barrels of condensate if both sands are successful. The objective sands are productive in several adjacent fault blocks.

Existing infrastructure lies nearby providing for quick sales turnaround in the event of a successful well.

The Operator is Sandalwood Exploration LP of Houston, Texas. In the event of a successful well, FAR's working interest reduces to 3.75% after payout. All other participants are North American entities.