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02 June 2000

FUGA 1 EXPLORATION WELL - AT 5385 FEET (1641 metres)

The Philippines National Oil Company (PNOC), as operator of the Aparri Basin GSec 84 Joint Venture has advised that at 6.00am, 2 June 2000, (Philippines time) 25 days after spudding, the Fuga 1 exploration well has reached a depth of 5385 feet (1641 metres).


Enquiries:

PL Munachen, Director

Tel: 08 9227 7178
Fax: 08 9227 9079
Email: svalbe@pancon.com.au

Pancontinental Oil & Gas NL