Storm Ventures Reaches TD at Tunisian Well

Fuchsia-1 has been drilled to a total depth of 2959 meters by operator Storm Ventures.

Well site hydrocarbon shows and logging while drilling indicate that the well has discovered a 16 meter gas column in the Birsa Formation sandstones. The logs indicate that the sandstone is high quality with a porosity of approximately 30% and a gas saturation of approximately 85-90%.

Preliminary evaluations indicate that this discovery is likely to be sub-economic. All the other sandstones in the Birsa Formation appear to be water saturated. Fuchsia-1 will be plugged and abandoned in accordance with the pre-drill plan and then the Ensco 105 drilling rig will be released.

The results of the well, including the size of the gas accumulation and the impact of the gas discovery on the regional exploration prospectivity, will be fully evaluated after the rig has been released.

Participating in the drilling of the Fuchsia-1 well completes Cooper Energy's farm-in obligation to earn a 35% working interest in the Hammamet Permit.

This is the final drilling announcement on Fuchsia-1.

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