Drillsearch Wraps 2D Seismic in Australia's Marina Block

The Marina Block 2D seismic acquisition survey at WA-318-P in Australia's Bonaparte Basin has been successfully completed. The next stage is to complete processing and interpret the existing and new seismic data. Interpretation of the seismic data is expected to be completed by January 2009.

The Joint Venture, which comprises Drillsearch Energy and Esso Ventures Pty Limited (EVPL), began acquiring a 2D seismic survey on May 19, 2008. The survey has been completed under budget, with the survey acquisition duration of just 26 days. The Joint Venture acquired over 1000km of 2D data within the Marina Block.

In addition to satisfying all regulatory work commitments within the block the seismic survey provides infill data to the existing seismic grid, covers previously identified leads and provides additional data which will increase the geologic understanding in this part of the Bonaparte Basin. These data will allow the Joint Venture to identify any future drilling opportunities.

As part of the initial EVPL farm-in agreement, EVPL has now earned an additional 10% working interest by funding $1.35 million of the total cost of the seismic survey. The Joint Venture interests in WA-318-P are now: Drillsearch 25% and EVPL 75%.

Drillsearch will be working with EVPL on the interpretation of the seismic data and will make further announcements as progress occurs on the exploration of the Marina Block.