The Ipswich exploration well, 1/3 - 11, which is operated by Dong Energy, has shown indications of hydrocarbons. The well is still in operation and further data will have to be collected before any conclusions regarding the presence of movable hydrocarbons can be made. Noreco has a 15 per cent interest in PL 274, together with Dong Energy (operator and 40 per cent), PA Resources (30 per cent) and Revus (15 per cent).