Release: CityView: Well Report - Sebaya #2 Madura Island

January 4, 2005 -- CityView Corporation Limited (?CityView?) (ASX:CVI) has received the following information from the Operating Shareholder, PT Medco Energi Internasional TBK (?Medco?):

OPERATOR: Medco Madura ? Pertamina JOB
WELL: Sebaya #2
RIG: P.T Apexindo
SPUD: 11.30hrs ? 29 November 2004
TARGET DEPTH: Programmed for 5170 feet SS (sub-sea) or 5,990 feet KB
PRESENT DEPTH: 3910 feet and ran 9 5/8? inch casing shoe.

Formation Objective:
Primary:
? Tuban Formation (Early Miocene, alternating shale and sandstone, intercalations of limestone) Reference drill stem tests 1 & 2 in Sebaya 1. Zones depths: 4300 - 5850 ft.
Secondary:
? Tawun Formation (Middle Miocene, predominantly claystone / siltstone, intercalations of sandstone, and limestone streaks) Reference drill stem tests 3 & 4 in Sebaya 1, Zone depths 2200 to 4000 ft.

Present Activity Summary:
? Well was spudded with 12 1/4 inch pilot hole through a 30 inch, preset, structural casing. Drilled to 233 ft, opened to 26 inches 248 ft. Set 20-inch conductor pipe to 247 ft.
? Drilled 12 ?? pilot hole to 1411 ft, opened to 17 ?? to 1428 ft (no logs as no oil or gas shows in the surface section). Set 13 3/8? surface casing at 1345 ft.
? Drilled 12 ?? to 3910?. Ran logs and condition hole for running 9 5/8? casing. Ran 9 5/8? casing at midnight, November 29th.
? Sand sections from logs with filter cake (hole ID 12?):
o 1420 to 1485 ft (no oil show)
o 1640 to 1712 ft (no oil show)
o 3060 to 3090 ft (poor oil show)
o 3361 to 3388 ft (no oil show)
? Ran and cemented 9 5/8? casing

Next Operation:
? To drill 8 ?? hole to target depth. (end of release)