CH-4, located approximately 1km southeast of the CH-3, is currently drilling ahead toward target depth of 1571m in order to get more data. Following wireline logs, the well will then be plugged and abandoned as planned.

The joint venture is currently considering whether to drill a fifth Cliff Head well after a mixed drilling campaign that has seen two successful appraisal wells and three dry holes (Mentelle, Vindara and Twin Lions).

Despite verifying the oil bearing structure, partners in Cliff Head saw their share prices marked down as investors remain unconvinced of the commercial potential of Cliff Head.

Roc was down 2c to be at $1.27, Norwest was down 0.4c to be 5.6c, Voyager down 0.5 to be at 16c. Australian Worldwide Exploration fell 1c to be at 76c while Arc remained unchanged at 55c.