Drillsearch Plugs & Abandons Planet Downs-1

Drillsearch Energy Limited advises that the Planet Downs-1 exploration well was plugged and abandoned on March 7, 2009, after encountering encouraging oil shows in the Murta, Westbourne and basal-Birkhead Formations and the Hutton sandstone.

Although wireline logs confirmed probable oil in several zones, pressure and sidewall core data indicated poor permeability and limited column height. Participants in the well elected not to conduct any further tests and agreed to plug and abandon the well.

The exploration well, Planet Downs-1, reached its total depth of 1444 m on March 2, 2009. Because of lost circulation problems within the Hutton sandstone the well was not drilled to the planned total depth of 1880m, having already tested the primary basal-Birkhead Formations and Hutton sandstone objectives. The well was targeting oil trapped in a four-way dip-closed sub-culmination located along the structural axis of the Curalle Anticline.

The ATP539P Joint Venture parties are encouraged by the oil shows encountered in the Planet Downs-1 well and shall review the well results before deciding on future activity in the permit, which is likely to consist of further seismic acquisition to begin with.

The Planet Downs-1 exploration well is located in Permit ATP 539P in the Cooper Basin, 60 kilometers southwest of Inland Oilfield. Participating interests in the well are: Drillsearch Energy Limited 50%, Operator, and Bandanna Energy Limited 50% (earning).