MHL 0.00% 0.3¢ monitor energy limited

Ann: Gas and Oil Shows at Airacobra-1 , page-2

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    Gas and Oil shows at Airacobra-1

    Drilling recommenced at 18:50hrs, January 2nd 2010, currently at 2043m.

    Upper Epsilon Formation contains good high end gas shows and a good oil show
    between 2010m and 2016m. Upper Epsilon was also oil bearing in Fury-1.

    Patchawarra Formation target expected at 2178m this week.

    Monitor Energy Limited (Monitoror the Company) is pleased to advise that drilling of
    Airacobra-1, the Companys second farmin well on PEL115, recommenced at 18:50hrs,
    2 January, 2010. The well has penetrated the Upper Epsilon Formation and has encountered good
    gas shows and an oil show between 2010-2016m.

    The well is currently at 2043m, some 135m above the targeted Patchawarra Formation that is
    known to produce hydrocarbons in many fields in the area. Once Airacobra-1 has been drilled to
    the planned total depth of 2340m it will be logged, sampled and evaluated and depending on the
    latter, cased and suspended.

    The oil show between 2013-2016m is reported as having 50% pale yellow green fluorescence,
    slow solvent cut (pale-blue-white) with a pale-blue-white crush cut. The sandstone in Airacobra-
    1 is similar to the Epsilon Formation oil sand discovered at Fury-1 and will require further

    Reporting from the Airacobra-1 well site, Monitor Energy Managing Director, Jon Roestenburg
    said; The Company is pleased with the excellent outcomes so far, of its two well commitment
    drilling campaign over the last three months. Drilling the Airacobra-1 well finalises the
    Companys PEL115 farmin obligations and earns a 42% equity interest in the licence.
    Drilling Fury-1 and Airacobra-1 has increased our understanding of the geology and
    hydrocarbon distribution of the area, thereby de-risking other nearby structures that can be
    drilled by the Joint Venture in the near future. The results have so far proven up two oil-bearing
    horizons at the Cretaceous Murta and the Permian Epsilon Formations. The Company and its
    joint venture partners, Victoria Petroleum N.L (33%) and Lion Petroleum Pty Ltd (25%) can
    now embark on an aggressive campaign to test, complete and develop the Fury-1 well and
    prepare for production as soon as possible.

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