April 29th 2011 (PRA)Promesa Limited Page 12 Promesa Limi ted ABN 36 124 541 466 www.promesa.com.au address: Level 28, 140 St Georges Terrace, Per th WA 6000 / PO Box 994, Subiaco WA 6904 Phone: 08 9278 2766 fax: 08 9278 2525 Atocha Project Previously the Company announced that perforation and testing of the second Tuscaloosa sand interval in the HM Brian No.1 re-entry well had been completed. On perforation the well did not produce hydrocarbons at commercial rates. Accordingly, the partners agreed to abandon work on the well, restore the site to its original condition and focus on evaluating a second well location within the Atocha project area. The work completed on the re-entry and perforation on the first and second zones have been completed within budget. The Company is continuing with evaluating the data from the re-entry to assist in the generation of a possible second test location. Early analysis is pointing toward the possibility that hydrocarbons may have migrated through the first zone and moved up dip from the HM Brian No.1 well towards a fault block that has been defined by 2D seismic. The Company continues to maintain the Promesa Limitedin good standing. Current onshore activity in the US oil and gas sector both in exploration and corporate activity has encouraged the Company to continue assessing the potential of the Atocha project. Further updates on the Atocha project are expected in the following quarter.
FUT Price at posting:
2.0¢ Sentiment: Hold Disclosure: Held
