RIFT OIL, Drilling for Oil in Papua New Guinea

Pinhead,

They will agree to a development plan and we shall see some of that tomorrow. If you listen to the MD of Austral you will hear that in early 07 they will seek a financier for Douglas.

Wet gas = gas with associated liquids i.e. gas condensate, not water. Dry gas is gas only. The wetter the gas the better, we apprarently have moderate gas condensate in with our gas here, therefore wet gas. We know what they are going to do with the liquids (barge them down the river), we'll hear the possibilities for the gas tomorrow and how to develop a potentially world class gas find. Originally it was stated that Douglas could be TCF's, higher quality more modern seismic could help define that.

Regards,
Ed.