Cooper updates Indonesian drilling activities

The following is an excerpt taken from Australian firm Cooper Energy Limited?s drilling operation update released on Monday.

Kurnia-1 (South Madura PSC, Indonesia, COE 30%)
Since the last release, the rig has installed a 7? casing into the well and conditioned the mud in the hole.

The next operation in Kurnia-1 is to run in the hole with completion equipment (3 1/2? tubing and associated equipment). Once the completion equipment has been run, and the necessary safety checks made, the well will be opened for production testing.

At this time it is expected that the well will be opened for testing later in the week.

The next release for Kurnia-1 is expected to be related to the results of opening the well for production testing, which will be later this week.

Gurame-1X (Seruway PSC. Indonesia, COE 22.5%)
The Operator of the Seruway PSC is continuing to progress the rig selection tendering process for the Gurame-1X well.

One of the rigs that has tendered is available for mobilisation in February 2008. Once the rig selection tendering process is complete the Joint Venture will be able to announce the selected rig, the mobilisation date and the expected well spud date.

The Gurame-1X well is expected to be drilled to approximately 2,900 metres, which will take approximately one month to drill.

Gurame-1X is the sixth well to be drilled into the Gurame gas discovery. All previous wells confirmed the presence of gas in a number of vertically stacked reservoirs. Gurame-1X is being drilled to further delineate the gas, to demonstrate that gas can flow at commercial production rates and to acquire modern data from the reservoirs for field development planning purposes.

The next release for Gurame-1X is expected to be the results of the rig tendering process, which should be prior to the end of January 2008. (end of excerpt)