Market Update

17 November 2004

Essential Petroleum Resources as operator of offshore Victorian Permits VIC/P46 and VIC/P50 is pleased to advise that it has commenced a seismic survey of approximately 1,100 linear kilometres in its offshore Otway Basin permits. The survey will involve the acquisition of 391 kms of 2D seismic in VIC/P46 and 717 kms of 2D seismic in VIC/P50.

The survey is being managed by Santos Limited as agent on behalf of Essential Petroleum under an Agency agreement and is expected to be completed by 25 November 2004. . .


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