ann out. probable duster

GULF OF MEXICO DRILLING PROGRESS
The South Marsh Island Block 138 #1 well is nearing Total Depth.
Drilling has progressed to 3,551 metres (11,650 feet) at 18:00 hours CST on 6th
January. Current operation is drilling ahead.
• The 7 5/8” Drilling liner was earlier set at 2,937 metres (9636 feet)
• The LWD logs have so far been disappointing in the subject well.
• However, 2 intervals with Low resistivity anomalies have been identified by
the Operator at 3,261 to 3,313 metres (10700 to 10870 feet) and 3,374 to 3,414
metres (11070 to 11200 feet). Indications of Hydrocarbons were also reported
at these depths.
• Venture partners have approved the Operator’s request for enhancements to
the planned Open Hole electric logging program to better assess the possibility
of laminated pay in these 2 intervals.
• The well is being drilled using the Pride Georgia jackup rig in water depth of
69 metres (225 feet).
• GulfX, by its participation in this well has earned a working interest of
16.25% in the Field.
• MWD/LWD Log data is being relayed to GulfX in US and Perth office in real
time.
The next planned activity after reaching Total Depth is to run the enhanced Open
Hole electric logs. This is expected to occur within the next 2 days. Following a
detailed evaluation of the data a decision will be made whether to Plug the well or
perform further Coring and Testing activities.