WA 261-P

Wholly owned subsidiary, Cottesloe Oil and Gas Pty Ltd acquired a 12.3% interest in the permit in June 2012. Exploration permit WA-261-P lies in the Dampier sub basin, part of the greater Carnarvon Basin. The permit covers the small Chamois oil field and several moderate to low risk leads of similar size and configuration to the Chamois field. Commercialisation of the Chamois field would likely require additional exploration success at one or more of the adjacent leads. WA-261-P also contains upside potential in the Vesta, Intra Triassic or Moose Deep leads, though thee carry a higher geological risk.

Location

More specifically, the permit is located on the Enderby Terrace on the southwestern margins of the Dampier Sub‐basin. It covers an area of 256km2 and lies approximately 40km to the south of the Stag Oil Field.

Previous Exploration

The Stag 1 well was discovered in 1993. The field is currently producing over 7,000 bopd. Over 55 MMbbl of oil has already been produced.Five wells have been drilled in the permit.

Prospects and Leads

The combined prospects in the Chamois area are 24.8 MMbbls. The Operator is proposing to drill Chamois North East before May 2013 to meet the drilling commitments in the permit.