Xtract: Epenarra Darwin Production Testing to Start

The rig is preparing to commence the Epenarra Darwin formation production test. The 9 5/8 inch production packer seal assembly has been set at 3075 meters just above facies C and the rig is currently making up the TCP (casing perforating) guns and running into the well with the test string. It is expected that the 9 5/8 inch casing will be perforated tomorrow morning and production testing of the facies C gas charged zones of the Epenarra structure will be undertaken.

Heron-2 is being drilled by Seadrill's West Atlas jackup rig contracted to MEO for two firm wells. It was spudded at on October 12, 2007 in Exploration Permit, NT/P68. The Heron-2 well is designed as a vertical well to penetrate and production test the Epenarra Darwin Formation and the deeper Elang/Plover Formation of the Heron North structure.

The Heron-1 well drilled by ARCO in 1972 intersected a 52-meter gas bearing column in the Darwin Formation (a fractured carbonate reservoir) within the 1,200 square-kilometer mapped closure of the large Epenarra structure. Heron-1 also reached a gas charged zone in the deeper underlying Elang/Plover horizon, which is a secondary objective for the Heron-2 well.

The participants in the well and permit are TSP Arafura Petroleum Pty Ltd (MEO subsidiary) with 45%, Oz-Exoil Pty Ltd (MEO subsidiary) with 45% and Petrofac Energy Developments Oceania Ltd with 10%. Xtract currently holds approximately 15.7% of the issued capital of MEO.

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