Essential Petroleum Resources

Essential Petroleum Resources Ltd., which currently holds a 100% working interest in the offshore Otway Basin permit VIC/P50 in Victoria, Australia, has retained IndigoPool to market up to an 80% working interest through farm-out. The interest can be earned by funding a seismic program, which will provide the first option to fund the drilling of a well in 2005. The permit is approximately 40 to 50 kilometers from the southwestern Victorian coastline and the deepwater port of Portland. The permit covers approximately 3,650 square kilometers. Five leads have been identified, all holding both oil and gas potential. For more information, contact Kayleen Robinson, + 44-20-7868-7669