Talon1 drilling update 18/7/11

COMPANY ANNOUNCEMENT
18th July, 2011
Talon1 drilling update

L&M Energy Limited (ASX/NZX: LME) advises that the Talon1 exploration well in PEP51151, onshore Taranaki, New Zealand (LME: 50%) was this morning at 1070 metres and drilling ahead to the target depth of 1450 metres.

The well is targeting mean reserves of 2 MMbbl oil (recoverable) in shallow Manutahi sands in a structure geologically identical to the adjacent Manutahi Oil field operated by Origin Energy (estimated recoverable reserves of 4 MMbbl).

Talon1 is the first well to be drilled on the 482.4 km2 permit, which also contains multiple further drilling targets. As announced on 13th July, LME will be free carried through the drilling of the well (subject to regulatory consent).

ENDS

Full release with maps: July_18_2011_Talon1_Drilling_Update.pdf

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