ATTACHMENT 2

GLEN IDOL 1WELL PROPOSAL

PETER VOBR EXPLORATION WELL

SOUTHERN BOWEN, QUEENSLANDATP 745P

Well Summary SheetWell Name: Glen Idol 1 Well Type: CSGLicence: ATP 745P Block: Latitude: 24º 49’ 40.80”S

Equity: Longitude: 148º 54’ 51.00”ESeismic Reference: N/A

Santos Group Subtotal 79.5000

Ground Level: 400m (approx)Origin Energy CSG Limited

0.5000 Rotary Table: 403.9m

Oil Company of Australia (Moura) Pty Ltd

2.5000 Proposed Total Depth: 1000m (596m SS)

OCA (CSG) Pty Ltd 17.3923 Rig: Mitchell 151 (RT 3.9m)Origin Energy Resources Ltd

0.1077 Nearby Facilities: Rolleston Township ~ 75 km by road NW

100%Objectives / Mean Predicted Pay Stratigraphic Prognosis (mRT / mSS)Primary Mean Predicted

Net PaySecondary Mean Predicted

Net Pay/PorosityBandanna (Late Permian) Coal

8.7 m N/A

Rewan Surface 400 mBandanna 827 m - 423 mss‘A’ coal 850 m - 446 mss‘B’ coal 872 m - 468 mss‘C’ coal 906 m - 502 mss‘D’ coal 920 m - 516 mss‘E’ coal 948 m - 544 mss

* Geophysical PrognosisFormation Evaluation Hole Design / Drilling IssuesWireline Logging:

Top Base Specifications Well Class: Coal seam gas development wellProduction Section TD GR to surface through casing Hole Type: Vertical with dual casing strings and open hole through the coals

Comp Density, Neutron Por, PE, Cal, Sonic Hole Size Depth Casing SizeAST. 12 ¼” ~100m 9 5/8”

8 ½” ~845m 7”SWC: No SWCs to be acquired 6 1/8” ~1000m BarefootFMT: No FMTs required Drill Fluid: Mist - with 10 bbls/hr fluid and foam as required to lift

cuttingsVelocity Survey: Sonic log Deviation Sub-Surface Targets:

Surface tolerance 20 meters radius.Testing:

Flow tests each coal seam when penetrated, then after clean out. Standard FIT/LOT conducted to 20ppg equiv on the surface casing shoe only.

DST to be carried out dependant on drilling / logging results.

Basic core logging and gas desorption testing by ACS.

Other Information / Hazards: No over pressure expected. No H2S problems expected.

Predicted Flow Rate:

unknown

Mud Logging: Mud logging not required Nearby Wells and Direction:Deep Creek 1, 8.1 km NNEMount Aldis 1, 18.3 km ESE

Coring: Core section over Bandanna coals A to E seams.

Remarks / Recommendations :Standard Santos procedures to be followed.

APPROVED BY:

Project Leader Team Leader: Operations Geology Drilling EngineerPeter Vobr Steve Taylor Andy Pietsch

Mick GiulianoJosh Whitcombe

Glen Idol 1 PREDICTED TIME v DEPTH CURVE

0

100

DAYS FROM SPUD

Glen Idol - estimate

Ironbark Gully

200 Hardenly

Lonesome 1

300

400

500

600

700

800

900

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 271000

Glen Idol Cost & Time

DEP

TH, m

RT

PROJECT NAMEJoint Venture: Primary Objective:Comet Ridge

Bandanna Permian Coals

Block/Licence/State: Secondary Objective: Basin/Geological Province:ATP 745P

n/a

Prognosed TD: 1000 mKBJustification:n/a

Southern Bowen BasinAnticipated Spud Date: June 2007Capital Expenditure

Classification:Exploration WellStart Date:June 2007

EXECUTIVE SUMMARY

PROJECT JUSTIFICATION

Glen Idol 1 is proposed as an ATP 745P exploration commitment well located within the Arcadia Valley, approximately 95 km north of the main Fairview field and 50 km southeast of Rolleston. The well is targeting the upper Permian coals of the Bandanna Formation. The well is located 8.1 km SSW of Deep Creek 1 and 18.4 km WNW of Mount Aldis 1.

Glen Idol 1 is proposed as the first well in a two well appraisal program targeting the northern and southern extremities of ATP 745P. Glen Idol 1 is located in the extreme SE of the permit and is targeting Permian coals from 850 mKB to 950 mKB. TD is expected to be called at around 1000 mKB.

The closest well, Deep Creek 1, was drilled by Tipperary Oil and Gas in September 2003 and encountered 9 seams with 7.3m net coal over a 37.2m gross interval and 125m column. The well was plugged and abandoned due to the thin nature of the seams and the relatively thick Bandanna sequence. It would be expected that the seams coalesce to the south however due to the lack of well control there is no way of predicting this with any confidence

The results from Glen Idol 1 will be integrated with those of existing wells to give an indication of prospectivity of coals in the Comet Ridge area of the northern Arcadia Valley and to the east of the Arcadia Valley scarp. DST testing along with gas desorption testing over the thicker coal sequences will give an indication of permeability, gas content and saturation.

It is intended to drill an 8 1/2“ hole to the top of the Bandanna Formation and to either tag or pull up before the upper most coal, run 7” casing over the intermediate section of the well, then core to TD with a wireline retrievable coring system. The size of retrievable core is 1.713” with the outside diameter of core barrel being 6 1/8”. This type of system is quicker than conventional systems as it reduces the tripping time to retrieve core barrel and reduces lost gas from the sample. Gas desorption testing of the coals will be carried out to collect a reliable data set around the flanks of the field in an area that is not subject to depletion due to production influences. An acoustic scanning tool (AST) will be run along with the wireline logs, to determine the extent and orientation of fracturing and cleating within the coals and interburden. A DST will be conducted over each main coal seam when penetrated or groups of seams in the absence of large seams (>2.5m), to determine the initial formation pressure and permeability from each seam.

The well will be suspended with tubing run in the hole. The completion programme will be deferred pending results from the well and conducted at a later stage using a service rig.The primary objectives for the well are coals of the Permian Bandanna Formation. The prognosed nett thickness for the A, B, C, D and E coals in Glen Idol 1 are 1.2m, 2.0m,

1.9m, 1.0m and 2.6m respectively over a gross reservoir interval of 125 m. Depth to top of coals has a reasonable degree of confidence as the closest offset well is Deep Creek 1 located 8.1 km NNE of this location. The coal thicknesses are prognosed from the Deep Creek 1 and Mount Aldis 1.

WELL DESIGN AND EVALUATION

DesignIt is intended to drill Glen Idol 1 through the Rewan formation then set surface casing 100 m into the Rewan Formation. The 8 ½” intermediate section will continue to be drilled through the Rewan Formation to the top of the Bandanna formation coals. The well will be cased off at this point then cored to TD using a 1.713” retrievable wireline core barrel. A completion programme will be conducted at a later date.

Should initial results form the DST be encouraging then a short clean out/cavitation program may be undertaken with the rig on site.

Wireline LoggingAn allowance of 25 metres of rat-hole for wire-line logging at TD has been included in the well design. One logging suite will be run from TD of the production section, across the Bandanna coals then run GR through casing to surface.

A decision will be made at TD whether to run an AST log should conditions be favourable. The wireline log suite programmed in the well includes GR-PE-HDEN-DEN-NPR-CAL- SONIC and AST if conditions are suitable.

TestingACS laboratories will run gas desorption testing of retrieved core from all packages of coal greater than 0.5 m thick. ACS will then carry out Isotherm analysis, vitrinite reflectance and maceral descriptions in the Brisbane laboratory. One off bottom DST and one straddle DST will be conducted on penetration over the main producing coals, the B and D seams or as instructed for seams greater than 2.5 m in thickness. At completion of the DST and logging, the well will be blown dry and a production flow test for both gas and fluid will be undertaken.

Well LocationLatitude / Easting: 24 49 40.80 S / 693451 (approximate)Longitude / Northing: 148 54 51.00 E / 7252744 (approximate)