Apache Drills Duster Southwest of Stag Field

The Ceres-1 exploration well located in WA-261-P which spudded on November 21, 2002 has been plugged and abandoned. The well, which is located 15 kilometers southwest of the Stag Oil Field found only minor oil shows. The well was drilled to a measured depth of 1,012 meters.

The target M Australis ("Stag") Sandstone was not developed at this location. Further work will now be required to integrate the results of this well with adjacent well data to refine the geological model for this play concept.

The WA-261-P Permit Interests comprise a joint venture between Apache Northwest Pty Ltd (operator) 45.1283%, Strike Oil NL 36.2179%, Victoria Petroleum NL 12.5000% and Sun Resources NL 6.1538%.