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Hammamet West Contingent Resource Increases 37%

Following interpretation of the Hammamet West high resolution 3D seismic we are pleased to inform shareholders that the Hammamet West Oil Field Contingent Resources estimate has grown by 37% and confirmed the attractiveness of undertaking further appraisal work on the oil field. The increase in Contingent Resources has been mainly driven by an increase in the size of the Abiod formation structure. The Contingent Resource estimate is now 67 million barrels of oil, compared to the previous estimate of 49 million barrels of oil. Figures are for 100% Joint Venture. The Contingent Resource estimate is split between the Birsa sandstone reservoir and the Abiod carbonate formation with 10 million barrels assessed to be recoverable from the Birsa and 57 million barrels to be recoverable from the Abiod. The Bargou Joint Venture (Cooper Energy (COE) 85% and Operator, Jacka Resources (JKA) 15%) are planning to undertake further processing of the 3D seismic to assist with imagining of the Abiod carbonate formation and to complete the design of a Hammamet West horizontal well to test the production capacity of the Abiod. At this time a well is planned for 3Q2011, subject to material availability and rig schedules. Michael Scott, Managing Director, noted “We are pleased that the seismic interpretation work has increased the attractiveness of the Hammamet West Oil Field as a viable appraisal target. Work on the Oil Field will now concentrate on imaging the Abiod carbonate reservoir to assist with the placement of a horizontal well. The horizontal well is being planned to test the production capacity of the Abiod reservoir. If the test is successful it will provide critical reservoir information that will be used to optimise the field development plan.”