Black Rock Oil and Gas PLC

STRIKE OIL LIMITED
Level 10, International House
26 St George’s Terrace
Perth Western Australia 6000
Phone: 61 8 9225 4446
Facsimile: 61 8 9225 4448
Email: strike@strikeoil.com.au
www.strikeoil.com.au
24 December 2004
Australian Stock Exchange Ltd
Via Electronic Lodgement
COOPER 1, DRILLING REPORT, EP325,
CARNARVON BASIN, OFFSHORE WESTERN AUSTRALIA
At 0600hrs (WST) on 24 December 2004, Strike Oil Limited advised progress of
the Ensco 56 Drilling Rig on its scheduled move to the Cooper 1 well location.
Location
The well is located offshore in permit EP325, 18 kilometres southeast of Exmouth
at latitude 22°05′05.33″S and longitude 114°11′44.78″E.
Progress
The Ensco 56 drilling rig is scheduled to be towed to the Cooper 1 well location on
Sunday 26th December.
Current Operation
N/A
Drilling Summary
Anticipated Spud Date / Time 27 December 2004
(Commencement of drilling)
Drilled Depth at 0600hrs (WST) N/A
Operations at 0600 hrs (WST) N/A
Depth to primary target 1948 metres
Anticipated date to intersect primary target Saturday 1st January
Proposed Total Depth (TD) 2072 metres
Comments
The drilling and evaluation at the current location, Boojum 1, is expected to be
completed on Saturday 25th December and the rig tow to the Cooper 1 location
commenced immediately. The Ensco 56 drilling rig is scheduled to arrive at the
Cooper 1 drilling location in Permit EP325 on Monday 27th December and to
commence drilling (spud) late on 27th December. The well is anticipated to
penetrate the target formation on or about Saturday 1st January and complete
operations on or about Tuesday 4th January.
ASX is closed from tomorrow 25th December, through to the 28th December. No
drilling reports will be available until ASX opens on Wednesday 29th December at
which time the Cooper 1 well is scheduled to be setting surface casing at 500
metres.
Interests in Permit EP325 are:-
* Strike Oil Limited (Drilling Operator) 40%
* Victoria Petroleum NL (Operator of Record) 32.5%
* Sun Resources NL 10%
Bow Energy Limited 10%
Black Rock Oil & Gas PLC 7.5%
* ASX Listed Company
Yours faithfully
JIM DURRANT
Technical Director - Strike Oil Limited
Further information:
Strike Oil Limited
Jim Durrant – Technical Director
T: 08 9225 4446
E: strike@strikeoil.com.
EP-325: COOPER 1
The Cooper prospect is located offshore in the Exmouth Gulf between the
Rough Range oil field and the Rivoli gas field. It is approximately 18km
southeast of Exmouth and only 9km from the nearest landfall. Water depth over
the prospect is 17 metres.
The Cooper 1 well will test a seismically defined four way dip closed structure.
The primary target is the Cretaceous age Birdrong Sandstone which hosts oil
and gas accumulations in nearby fields (Rough Range, Rivoli, Tubridgi and
Roller). The Triassic section immediately underlying the Cretaceous age rocks
could also form part of the trap.
Mean recoverable oil potential in the Cooper prospect has been determined to be
around 12 million barrels. The upside potential is 23 million barrels.
The shallow water depth and proximity to shore would result in modest
development costs with the potential high productivity of the Birdrong Sandstone
reservoir making even a relatively small oil pool discovery economic.
The Cooper 1 well will be drilled by the ENSCO 56 jack-up rig in late December
2004-early January 2005. Proposed total depth of the well is 2072 metres.
The drilling of the well is scheduled to take approximately 10 days including
approximately one day to tow the rig from its previous location. On a trouble free
basis, the well should reach the objective section approximately five days after
spudding (commencement of drilling) the well.

Proposed Drilling Schedule
Actual Drilling Progress