🕐14.12.09 - 01:26 Uhr

Monitor Commences Drilling at Airacobra–1



Monitor Energy Ltd - ASX announcement 14 December 2009 Monitor Commences Drilling at Airacobra--1
Highlights:- - Airacobra--1 drilling commenced at midnight December 10, 2009 and at 06:00 hours December 11, 2009 was at 90m. - Airacobra-1 is the second well to be drilled in PEL115 and will test the Cretaceous Murta Formation and the Permian Patchawarra before a total depth of 2,340m. - The well will test the primary objective, Namur Sandstone Formation at around 1,500m and then drill ahead to the secondary Permian objective. Monitor Energy Limiteds drilling operation with Victoria Petroleum NL (operator) and Lion Petroleum Pty Ltd at Airacobra--1 commenced at midnight and as at 06:00hrs, December 11, 2009, the well had reached 90m. Managing director Jon Roestenburg, said "The Airacobra prospect will test a 3D defined structural closure containing 1.28MMBO at the Cretaceous Murta/Jurassic Namur Formation and a possible (if present) 15MMBO in the Permian Patchawarra Formation. The Murta/Namur Formations are the main producing intervals currently being exploited at the adjacent Narcoonowie Oil Field.

However, sandstones within the Birkhead Formations may also be prospective.

The Airacobra prospect is 2km north of Narcoonowie Oil Field and approximately 12km north of the successful Fury-1 oil discovery drilled by the joint venture last month. Significantly, the Airacobra-1 well will also penetrate the Permian section, similar to that drilled at Fury-1, has the potential to reservoir oil and or gas in the Toolachee, Epsilon and Patchawarra Formations.

The recent Fury-1 proved that liquid hydrocarbons are present in the Epsilon Formation, which is a relatively underexplored formation in the area, and we are encouraged by this for Airacobra and future wells and prospects." Monitor will earn 42% of PEL115 through drilling two wells with Victoria Petroleum NL 33% (Operator) and Lion Petroleum Pty Ltd (25%). To view the full announcement please see below: http://esp.gewru.com/download/files/12414/1030679/Monitor%20Commences%20Drilling%20at%20Airacobra___1.pdf For more information please contact: Jon Roestenburg Managing Director Monitor Energy Limited Tel: +61 8 9211 1555 Email: David Tasker/ Adrian Kwintowski Professional Public Relations Tel: +61 8 9388 0944/ +61 433 112 936 Email: About Monitor Energy Monitor Energy (ASX: MHL) is an Australian based resource company with high quality petroleum and uranium projects in Kyrgyzstan.

The Monitor Energy petroleum licences totalling over 6,000km2 are located in the north of the country adjacent to Lake Issyk-Kul and in the south of the country near At Bashi.

Technical work on these licences has identified gravity-modelled structures at depth, oil seeps and coincident magnetic telluric anomalies.

Early generation oil wells containing oil and gas shows were drilled off structure by the Russians during the 1960s and these structures are an integral part of the Companys early drilling strategy after seismic data acquisition and interpretation. The uranium licence is in central Kyrgyzstan at the Kavak Mining centre, on strike with high-grade deposits mined by the Russians and supplying their nuclear industry with uranium in the mid 1960s.

The latter licence area is known as the Kashkasu Deposit and is the focus of current fieldwork. Website: www.monitorenergy.com.au
35 Richardson Street West Perth WA 6005 Australia PO Box 1440 West Perth WA 6872 Australia Ph: +61 8 9211 1555 Fx: +61 8 9211 1500 ABN 25 009 121 644
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