Rift Helium Regulatory News (RIFT)

8 Jul 2008 07:00



Rift Oil plc

("Rift")

Drilling Update

Main Reservoir Reached at Puk Puk-1 

Rift is pleased to update shareholders further on the progress being made on the drilling of its Puk Puk-1 exploration well in Papua New Guinea. On 3 July 2008 Rift announced that drilling at Puk Puk-1 had reached the upper reservoir objective, the 'Alene Sand', and recorded gas at a depth of approximately 1760 metres, significantly higher than originally expected. 

Drilling at Puk Puk-1 has now encountered the main reservoir target of the 'Toro Sand' at 1816 metres, approximately 50 metres below the 'Alene Sand'. A good gas show (C1 to C4) was recorded on penetrating the 'Toro Sand' and 12 metres of core has been cut. A second core is currently being run. After establishing the thickness of the Toro reservoir, drilling will continue in order to assess the 'Imburu Sand', before reaching the Total Depth (of between 1900 and 2000 metres) and running wireline logs.

Flow testing is expected to be completed at Puk Puk-1 by the end of July at which point the potential of the field, and the impact of the discovery of gas at a higher level than anticipated, can be accurately assessed. Flow testing at Douglas-1 will follow and will be completed and assessed by the end of August.

Ian Gowrie-Smith, Chairman, commented:

"We are delighted with the continuing success of the drilling at Puk Puk-1 and look forward to reporting further as the operation continues."

Peter Mikkelsen FGS, AAPG, as the qualified non-executive Director has reviewed this statement and authorised its release.

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