CPC carpenter pacific resources limited

progress??

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    25 February 2005 Weekly Drilling Report Huntington-2H well
    Carpenter Pacific Resources Limited (ASX:CPC) ("Carpenter Pacific") advises the
    Huntington-2H well is drilling ahead as scheduled. Drilling has reached the total planned
    depth of 6,620 feet and casing has been set.

    The rig is expected to start drilling the horizontal part of the well over the weekend.

    Following commencement of the horizontal drilling, the well is expected to take
    approximately seven days to complete the horizontal extension of 600 feet into the Petitt
    horizon. An additional period of up 15 days for testing and completion is then expected.

    Background

    The Huntington-2H well is located at the company's 30% owned Jefferson ­ McLeod
    Project, North East Texas. The Project is a re-development of the large Rodessa field.

    The Huntington-2H well is the first horizontal well ever drilled over this project.
    Carpenter Pacific plans to drill up to 16 additional wells over the next 18 months.

    An additional two well re-completions are also planned at Jefferson-McLeod during the
    coming weeks.

    For further information contact:

    North American Contact: Mr Jeff Clarke Managing Director & CEO Ph: +0011 214 244 7690
    Email: [email protected] Australian Contact: Mr Peter Collery Executive Director and Company Secretary Ph: 03 8862 6466
    Email: [email protected]
 
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