The placement is of 20 million shares and options at 4 cents per share with each share having a free attaching option.

West Oil is embarking upon an exciting drilling program in the next few weeks. It is likely that the Timor Sea drilling program will begin in early January 2002 with the drilling of the Sleeper well in AC/P27 by operator, Anadarko Petroleum. Sleeper will be followed by the Sebring well in AC/P25 and the Anson North well in AC/P26.

West Oil said negotiations over the drilling of the Carlston well in EP-410 continues with a possibility that it will still begin before the end of December 2001. "If this is not achieved it will likely be drilled in May/June 2002 after the wet season," the company said.

Altostratus, in TP/17 is planned to be drilled in the second quarter 2002.