re:could move up quick from 8c Yes should see some movement over...

re:could move up quick from 8c Yes should see some movement over the next few weeks ........heres the latest ann

26 July 2005 Essential Petroleum Announces Cowrie 1 Spud Date Essential Petroleum Resources is pleased to advise that based on the latest information from Beach Petroleum Limited, the operator of PEL 27, the exploration well Cowrie 1 is expected to spud on 30 September 2005. As shown in the attached figure, the Cowrie prospect is located within PEL 27 and lies on the northwest flank of the Penola Trough, northwest and updip of the Katnook, Haselgrove and Ladbroke Grove gas fields. PEL 27 is ideally positioned to trap hydrocarbons migrating out of the trough as demonstrated by the recovery of oil in Sawpit 1 and the flow of oil to the surface at Killanoola DW 1. Both wells were drilled within PEL 27 and are on trend with Cowrie. Cowrie is approximately five kilometres to the west of the Killanoola discovery and has the potential to hold in excess of four million barrels of recoverable oil. Cowrie 1 will be the fourth well drilled in an Origin Energy-led multi-well program currently expected to begin in late July or early August in the onshore Otway Basin. Participating interests in PEL 27 are as follows: Beach Petroleum Limited (Operator) 30% Essential Petroleum Resources Limited 20% Origin Energy Resources Limited 50% John Remfry Managing Director For more information, contact: John Remfry Tel: (03) 9699 3009 Managing Director, Essential Petroleum Fax: (03) 96993110 E-mail: [email protected]