Release: Cooper Energy: Gurame-IX rig selection

(20 February 2008)--In regards to the Gurame gas field appraisal well in the Seruway PSC, North Sumatra, Indonesia, we are pleased to confirm the following:

? The rig tender process has been concluded in accordance with the PSC tendering process.

? Based on technical and commercial selection criteria, the ENSCO-1 Barge has been selected to drill the Gurame-1X well.

? The rig is expected to be released from its current drilling location in Indonesia towards the end of February 2008. Following release from its current location the rig owners have advised the Joint Venture that the rig will undergo some essential maintenance ? the maintenance was previously not included in the rig timing schedule.

? The updated rig schedule shows that the rig is expected to be on mobilised to the Gurame-1X location in early March with spud expected around the end of March.

?The well will be drilled to a total depth of 2,900 metres, which is expected to take one month.

? The water depth at the well surface location is approximately 5-6 metres.

? Production testing of a number of sandstone reservoirs is expected to commence after the well has drilled to total depth and casing has been run and cemented. The production testing is expected to be 15-20 days in duration, depending on the number of reservoirs selected for testing.

? The well is targeting the shallow reservoirs in the central area of the field. Preliminary recoverable hydrocarbon estimates indicate that the shallow central area could have 500 billion cubic feet of mean recoverable gas and approximately 10 million barrels of mean recoverable condensate (Cooper Energy share: 21 million barrels oil equivalent mean recoverable hydrocarbons).

? If the well is successful, the Joint Venture plans to suspend the well so that it may be used as a future development well in the Gurame gas field development.

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.

Cooper Energy has 22.5 percent interest in Seruway PSC.(end of release)