Monitor Energy Ltd - ASX announcement 7 December 2009 ASX Announcement
Fury ‐ 1 Confirmed as a Future Oil Producer Highlights: - Oil shows recorded during drilling confirmed by side wall coring and wireline logging - A gross column of 17m (1309--1326m) established in the Murta Formation - Additional good oil show in the lower Epsilon Formation will need further evaluation - Production testing and completions using a dedicated workover rig will commence as soon as possible at Fury1 - The Century--3 rig will now move to the Airacobra site where drilling is expected to start within a week Monitor Energy Limited ("Monitor" or "the Company") is pleased to announce that the significant oil shows recorded during drilling of the Fury‐1 well (PEL 115, Cooper Basin) have been confirmed by sidewall coring and wireline logging.

A gross oil column of 17m (1309--1326m) has been determined in the Murta Formation, the primary objective.

A further oil sand has been discovered in the Permian Epsilon Formation, the secondary objective, between 1814 and 1819m. Fury--1 will be production tested and completed using a workover rig as soon as possible.

The Century--3 rig will now mobilise to the Airacobra--1 prospect, where drilling is expected to commence within a week.

Speaking from the well site, Monitors Managing Director, Jon Roestenburg, said: "Based on the joint venturers experience at the nearby Mirage oil field, Fury--1 will be completed through casing.

The Company is evaluating the most appropriate methods of early production from Fury1.

The Epsilon Formation oil sand will also be accessed through casing but will require further geological evaluation to determine its full extent and distribution away from the well.

The Epsilon discovery at Fury‐1 is significant as the Permian intervals along the southern margin of the Cooper Basin, thought to be mature or less prospective for exploration and exploitation, may yet prove to be a bonus for explorers and in particular for the PEL115 joint venture." Monitor is earning 42% of PEL115 through drilling two wells with Victoria Petroleum NL 33% (Operator) and Lion Petroleum Pty Ltd (25%). To view the full announcement please see below: http://esp.gewru.com/download/files/12414/1021837/Fury%201%20Confirmed%20as%20a%20future%20oil%20producer.pdf For more information please contact: Jon Roestenburg Managing Director Monitor Energy Limited Tel: +61 8 9211 1555 Email: David Tasker/ Adrian Kwintowski Professional Public Relations Tel: +61 8 9388 0944/ +61 433 112 936 Email: About Monitor Energy Monitor Energy (ASX: MHL) is an Australian based resource company with high quality petroleum and uranium projects in Kyrgyzstan.

The Monitor Energy petroleum licences totalling over 6,000km2 are located in the north of the country adjacent to Lake Issyk-Kul and in the south of the country near At Bashi.

Technical work on these licences has identified gravity-modelled structures at depth, oil seeps and coincident magnetic telluric anomalies.

Early generation oil wells containing oil and gas shows were drilled off structure by the Russians during the 1960s and these structures are an integral part of the Companys early drilling strategy after seismic data acquisition and interpretation. The uranium licence is in central Kyrgyzstan at the Kavak Mining centre, on strike with high-grade deposits mined by the Russians and supplying their nuclear industry with uranium in the mid 1960s.

The latter licence area is known as the Kashkasu Deposit and is the focus of current fieldwork. Website: www.monitorenergy.com.au
35 Richardson Street West Perth WA 6005 Australia PO Box 1440 West Perth WA 6872 Australia Ph: +61 8 9211 1555 Fx: +61 8 9211 1500 ABN 25 009 121 644
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