Release: Cooper Energy: Gurame-1X drilled to 2.865 metres

Gurame-1X (Seruway PSC, Indonesia, Cooper Energy 22.5%)

(18 April 2008)--The rig has subsequently partially drilled through the Baong sandstones to depth of 2,865 metres with minor hydrocarbon shows encountered (minor gas shows combined with an elevated resistivity reading from the measurement whilst drilling tool). The forward plan is to change the bit, drill through the remainder of the Baong sandstones to the total depth of 3,010 metres and then evaluate the formation with wireline logs to confirm the presence or lack of hydrocarbons in the Baong sandstones.

The expected forward plan for the well is:
? Change the drilling bit.
? Drill the 8 ?? hole through the remainder of the Baong sandstones from 2,865 metres to the total depth of 3,010 metres.
? Log the 8 ?? hole section over the Baon sandstones.
? Run 7? casing (subject to positive logging results).
? Production test key Baong gas reservoirs (subject to positive logging results).
? Suspend the well as a potential future Baong production well (subject to positive production testing and logging results).

It is expected that a further update will be provided to investors early next week following the running of wireline logs in the 8 ?? hole section. (end of release)