novus strikes gas

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    GAS DISCOVERY IN THE NUL 13-1 WELL, SORRENTO DOME, LOUISIANA

    Novus Petroleum Ltd is pleased to announce that the NUL 13-1 well,
    operated by Novus Louisiana LLC, has been confirmed by electric logs
    as a gas discovery.

    The well was spudded on 11 April 2003 and was drilled to a measured
    depth (MD) of 10,239ft (3,121m). The primary target, the Planulina
    upper lobe was intersected as prognosed at 9,870ft MD (3,008m). The
    wellbore was logged on 8 May 2003. Analysis of electric logs has
    confirmed the presence of 50ft (15.2m) of gas pay. This is somewhat
    in excess of predrill expectations. Evaluation of other intervals of
    interest is planned.

    Intermediate casing is being set at 10,209ft (3,112m). Plans are to
    drill below the 7-5/8" casing shoe a further 200-300ft (61-91m) to
    test secondary targets, including the Planulina lower lobe. The
    Planulina upper lobe zone will be completed for production after the
    well has reached its total depth. The timing of this completion will
    depend on the results of the upcoming drilling, as any gas pay
    encountered deeper in the well may be produced first.

    However, one way or another, it is expected that the well completion
    and tie-in to the local gas infrastructure will enable first gas
    sales to take place by October this year. The well will not be tested
    prior to completion so potential flow rates will not be established
    until the well is on production.

    Novus obtained a 100% working interest in the well by farming-in to
    its partners interests. Novus partners have the right to come back
    into the well "after payout" (after Novus recovers its drilling,
    completion and facility costs from production) which would reduce
    Novus working interest to 86.4%. Novus acquired its interest in the
    Sorrento acreage in 2002 from Darcy Energy, Ltd.

    The prospect is located onshore Louisiana in the Sorrento Dome Field,
    approximately 30 miles northwest of New Orleans, Louisiana, USA.

    Dr Bob Williams, CEO of Novus Petroleum, commented, "This is an
    excellent result in our first US operated well and closely follows
    our success in the Novusoperated Tibat well, offshore Oman.

    "This is the result we hoped for when we acquired Darcy Energy in
    October 2002. The operations team we inherited through that
    transaction has brought the well in within budget and with more gas
    pay than in our "most likely" pre-drilling estimates. And we hope
    that more gas will be discovered when we deepen the hole over the
    next week or so.

    "At this stage it will not be possible to determine the flow rate
    from the Planulina upper lobe, although an offset well flowed at 5
    mmcfd, so a similar flow rate could be anticipated. Novus working
    interest is 100% until "payout" (and still 86.4% after payout) so we
    look forward to strong cash flows from the well after the well is
    hooked up later in the year. To put the contribution from this well
    into context, our valuable Stratton field produces around 8 mmcfd net
    to Novus.

    "Of course, the NUL13 accumulation does not have the volume or
    longevity of the Stratton field although we are confident of having
    contacted reserves well within the pre-drilling range of 7-12 bcf.
    Formal reserve estimates will not be made until a few months of
    production history is available from the well."

    FOR FURTHER INFORMATION please contact:

    Bob Williams or Toru Matsui, Novus Petroleum, Sydney 02 9299 4888
    Mike Sandy, Novus O&G Texas +1 713 328 3900
    http://www.novuspetroleum.com
 
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