regional play potential, page-6

If anything rig access may improve during the wet season for Cyrene-1.

http://asx.com.au/asxpdf/20120830/pdf/428cdwz8b0546d.pdf

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Eric Streitberg

Cyrene-1 is a very exciting well for us. Not only does it have a conventional oil target, but it is also testing the unconventional potential of the Goldwyer Shale where it is interpreted to be in the oil window.

While it is early days, the Goldwyer Shale has the potential to be a very sizeable oil play on our acreage. On that basis we are committed to drilling the well this year.

Obviously, we will not now be drilling the well with Rig #7, so we are looking very hard at whether we will be able to bring another rig into the Canning in time to drill this well this year. If we can’t make this work the current plan is to drill Cyrene with Ensign Rig #32 later this year.

The Cyrene well location is accessible during the wet so we do have a bit of flexibility around timing on this, but our preference is to get it down as soon as we can."