Harriett Joint Venture Drills Dry Hole with Selene-1

The Selene-1 exploration well which was spudded on October 17, 2002 failed to intersect a commercial column of hydrocarbons. The well was drilled from the Sinbad production platform to a bottom hole location 3 kilometers to the southeast in permit TL/5.

Selene-1 reached a total depth of 3,900 meters measured depth (2,075 meters true vertical depth subsea). Top Flag Sandstone was encountered some 19 meters low to prognosis. A 2.7-meter net hydrocarbon column was intersected in a thin sand directly above the Flag Sandstone and separated by a 1 meter thick shale interbed. The well has consequently been plugged and abandoned as non-commercial.

With completion of drilling operations from the Sinbad Platform, the Endymion-1 discovery well announced last week will now be tied in for production. This is anticipated to take 10 days with a gas delivery of up to 40 Tj per day anticipated.

This is the last well in the current Harriet area drilling program. The ENSCO 56 rig will now move off location and return in December to commence several wells anticipated to include Dawn-1, Tirari-1 and Hoover 1 in the Harriet permits, as well as Bob-1 in EP 363, Toobada-1 in WA-192-P and Montgomery-1 in WA-149-P.

Harriet Joint Venture Participants Participants are: Apache as operator with 68.5%; Kufpec Australia with 19.27715 and Tap Oil with 12.2229%.