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blackwood 1 well weekly drilling report 4

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    BLACKWOOD-1 WELL WEEKLY DRILLING REPORT – No 4
    Key Points:
    • Drilled 12¼ inch hole to 3135m
    • Pulled out of hole to change bit to drill Plover formation
    • Currently running a new 12¼ inch drilling bit into hole
    • Approximately 20m to be drilled to target Plover sandstones
    MELBOURNE, AUSTRALIA (February 25, 2008) -- MEO Australia Limited (ASX: MEO)submits this drilling report for the period ending 0900 hours February 25, 2008. Blackwood-1
    was spudded at 1830 hours (ACST) on February 1, 2008 in Exploration Permit NT/P68.
    The rig has drilled the 12¼ inch hole to a depth of 3135m (approximately 20m above the target Plover sandstones) and is currently running back into the hole with a new 12¼ inch bit to drill the Plover sandstones.
    The pre-drill estimated depth of the Top Plover Formation target reservoir of the Blackwood structure was 3351m. Blackwood-1 has confirmed that each of the formation tops in the deeper part of the well is approximately 200m high to original prognosis. The revised Top Plover formation depth is 3153mMD. MEO expects to drill into the Plover sandstones later today.
    Blackwood-1 is being drilled by Seadrill’s West Atlas jack-up rig. The Blackwood-1 wildcat well is being 100% funded as a sole risk operation by MEO. The well is designed as a
    vertical well to penetrate, log and recover hydrocarbon samples in the Plover Formation of the Blackwood structure.
 
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