2008 Drilling Program

Hunt Rig No.3 Is Now In place
Drilling has started at our Bellevue #1 site near Lake Echo in the centre of Tasmania.

The top hole (or surface hole, pre-collar hole) has been drilled to 272 m using a mineral rig. The Hunt Energy #3 petroleum rig is rigging up on site and drilling to 2600 m is planned to start on or about 16th December 2008.

The Bellevue #1 will target eight possible reservoirs and will be drilled to a depth of 2600 metres. The second well will be Thunderbolt #1 which is about 50km south of Bellevue #1. Subsequent wells will be drilled at Hummocky Hills, Butters Rise, Interlaken, Cressy, Bracknell and elsewhere.

The Thunderbolt #1 site has been approved by the regulatory authorities.

GSLM is investigating several other drill sites in Tasmania and a summary of these mosaics can be found under "Technical Information".

Site selection for the 2008 GSLM drilling program is based on seismic interpretation, field geology, and existing drill core data. The seismic data was acquired during 1987,1988, 2001, 2006 and 2007 GSLM surveys. Interpretation and refinement of drill site locations have been further enhanced through the use of field geology, geophysics, mapping, and by using drilling interpretation of data from GSLM's previous wells at Hunterston, Bruny Island and Pelham. GSLM is investigating several other drill sites onshore Tasmania, and a summary of these mosaics can be found under "Technical Information".

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