E-3 Update from slides

[jft310]

Elk-3 well spud preparations

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Pre-spud preparation at the Elk-3 delineation well site is nearing completion.

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We have begun mobilization of our Rig 3 to the field. All components of Rig 3 are being shipped out of

Port Moresby by barge to Hou Creek.



The objective of the Elk-3 delineation well is to test the Early Miocene to Late Oligocene limestone

section above the gas water contact in the Elk fault block.



This lower limestone interval exhibited better porosity and permeability than the shallower facies

penetrated in the upper reservoir in the offset Elk-2 well.