"Since the last report progress has been as follows:* Run and...

"Since the last report progress has been as follows:

* Run and cement 13 3/8" casing to the intermediate casing point at 314 metres.

* Install BOPs and subsea wellhead equipment.

* Drill ahead to the next casing point at approximately 346 metres

* Rig up and conduct wireline logging over the interval 314 to 346 metres. The logging instruments included "look ahead" seismic instruments intended to measure seismic waves for interpreting pore fluids beyond the present drilling depth.

* At 0600 on 24 December 2010 the well was at 346 metres.

Forward Operations:

Prepare to open (widen) the hole to 12 1/4" and then run 9 5/8" casing and cement in hole at approximately 346 metres BRT. Drill ahead to target zones.

The drilling schedule suggests drilling through the reservoir section will now occur on approximately Tuesday 28th December, 2010.

The well will evaluate any hydrocarbon bearing reservoirs with wireline logging tools. The drilling program does not incorporate flow testing or flaring of hydrocarbons. Upon conclusion of the drilling activity, the well will be plugged and abandoned as per the approved drilling program and best practice."