Release: Cooper Energy: Kurnia-1 well update

(29 January 2008)--Cooper Energy provides the following update:

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

? As per the earlier release, the production testing o the karunia-1 well was suspended following the influx of debris into the production tubing.

? Subsequent multiple operations to clean out the tubing demonstrated the debris continued to impede production testing operations

? The joint venture has decided to cease current production testing operations on the well due to safety concerns, which always take priority

? The current operation is to kill the well and then pull the production test equipment

? Once the production test equipment has been pulled out of the hole the well will be cleaned out. Following clean-out operations, based on hole conditions and alternative completion options, the joint venture will make a decision either to attempt further production testing operations or to plug and abandon the well. (end of release)