Freshwater Point 1 Exploration Well Update, Onshore Perth Basin, Western Australia

Friday, May 30, 2008

The Freshwater Point 1 surface location is 34.5 kilometres south-southeast of the township of Dongara, 25 kilometres south of the Jingemia oil plant and 17.5 kilometres southwest of the Beharra Springs gas plant.

Freshwater Point 1 commenced drilling on 11 May 2008 using the Ensign 48 drilling rig. 311 millimetre (12-1/4 inch) hole was drilled to 414 metres measured depth. 245 millimetre (9-5/8 inch) surface casing was set at 412 metres measured depth. Surface casing operations were completed and drillling resumed on 21 May.

216 millimetre (8-1/2 inch) hole was drilled to a total depth of 1,817 metres measured depth in Precambrian basement, which was reached on 25 May. Based on wireline logs and the absence of shows during drilling, no hydrocarbons are interpreted to have been encountered in the primary or secondary target sandstones.

Freshwater Point 1 was plugged and abandoned and the Ensign 48 rig was released at 05:00 hours WST on 29 May 2008.

Interests:
Origin Energy Developments Pty Ltd* (Operator) 49.189%
ARC Energy Ltd 44.141%
Victoria Petroleum NL 5.000%
Norwest Energy NL 1.278%
Roc Oil (WA) Pty Ltd** 0.250%
J.K. Geary 0.142%

* A wholly owned subsidiary of Origin Energy Limited
** A wholly owned subsidiary of Roc Oil Company Limited

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