Release: Cooper Energy: Kurnia-1 update

(14 December 2007)--Cooper Energy provides the following update:

Kurnia-1 (South Madura PSC, Indonesia, COE 30%, Capped Free Carry)

? The rig has drilled the welt to a depth of approximately 3,335 metres.
? An evaluation of formation returns whilst drilling and regional correlations indicate that the well has reached the base of the Kujung II carbonate.
? Oil and gas shows of varying strength have been measured at a number of discrete intervals through the open-hole section. The oil shows were strongest in the upper inter-bedded section between 3,017 to 3,063 metres but generally persisted at varying strengths down to 3,090 metres. Further weak oil shows were encountered between approximately 3,170 and 3,187 metres. Gas peaks have been recorded at various intervals throughout the section.

Further data is required to determine if the oil and gas shows are representative of moveable hydrocarbons.

The forward plan for the well is to:
? Drill the well to a total depth of approximately 3,343 metres, which should be reached early Saturday morning.
? Run wireline logs over the open-hole section in order to secure further data in relation to the hydrocarbon shows.
? Using the data from the drilling returns and logging program, determine if any zones merit production testing. (end of release)