Australian Drilling Associates is pleased to announce that it has contracted the Songa Venus semi–submersible drilling rig from Songa Offshore for an initial firm period of 376 days and a further secondary term of 376 days. During this initial term a total of 10 firm wells are scheduled to be drilled for a consortium consisting of 5 Operators. Australian Drilling Associates will coordinate and manage this consortium on behalf of the 5 Operators, (including CNOOC Ltd., Anzon Energy, MEO Australia and Albers Group) and provide well engineering and drilling project management services to each of the consortium members.

The consortium’s combined drilling program is scheduled to commence during October 2008 with initial operations in Australia’s North West Shelf area before continuing in other parts of Australia including the Bass Strait, Timor Sea and Browse Basin.

The secondary term will commence around October 2009 and we will expect to commit new operators within the next three months.