Bob-1 Well Drilling Ahead

The Bob-1 well located in EP 363 south of the Linda Gas Field has reached a depth of 2,985 meters measured depth and will continue to drill ahead to the planned total depth. Several thin sandstone beds within the Mungaroo Formation have been intersected with poor to good hydrocarbon shows. Further evaluation will be required upon completion of drilling which is expected in the next couple of days.

The forward plan is to drill to the programmed total depth and carry out wireline logging. If this is encouraging, further analysis may include reservoir pressure analysis, fluid sampling and sidewall coring.

Joint Venture Participants are: Apache as operator with 73.6067%; Tap Oil Limited with 13.6063%; and Kufpec Australia with 12.79%.