Ann: Amerigo Vespucci Well - Drilling Update, page-3

Fremont Petroleum Corporation Ltd (ASX: FPL) (“Fremont” or “the Company” advises that the Amerigo Vespucci #1 well
is currently at a depth of 4,800 feet having safely drilled through the Pierre Formation, the secondary target for this well
(see Figure 1).
Drill cuttings were observed to have abundant mineral fluorescence and thus strong evidence of gas and oil. The hole also
intersected several sections in the formation where extensive natural fractures are evident.
As such, the Company has made the decision to complete an oil and gas production test on the Pierre Formation of the
well. Steel casing is being run into the well including 200 feet of slotted production casing.
If the production test delivers commercial quantities of oil and gas, the well will be put into production. If not, the well will
then be drilled down to its primary objective being the Niobrara Formation. The remaining drilling, being ~1,200 feet, will
occur after the next well, the Powell #1, is drilled and completed.
The rig is now getting ready to mobilise to the Powell #1 and a workover rig is now being deployed to the Amerigo Vespucci
#1 well where temporary testing equipment will be installed.
Fremont anticipates the Powell #1 will spud in mid-December with work ongoing throughout Christmas and the New Year
period. The Company will keep shareholders abreast of production testing and drilling operations on both wells.