ADA International Ltd.

ADA International Ltd. has retained Envoi Ltd. to find a partner to fund its interest in the Cordillera Block 4, onshore Colombia.

ADA is looking for a partner willing to fund its 50% share in the planned work program, which include an imminent geological field study, a modern infill seismic program and a subsequent exploration well. Initial geological studies and 54 kilometers of modern infill two-dimensional seismic data, with an estimated cost around $2 million, should convert the leads identified into drilling-ready prospects for phase I well. The initial well cost estimate is $6 million.

ADA is also looking for a contribution to an equity share with an estimated $1.2 million in costs to date. There is no state participation involving back-in rights but, like all Colombian contracts, this carries the minimum 1% ANH free carry through to development.

Between 2000 and 2002, the area covered by the Cordillera Block was part of a larger license operated by Nexen. In zone 1, ADA has identified several leads based on existing two-dimensional seismic data acquired from Nexen. Zone 2 in the northeastern section of Block 4 contains possible oil prone leads that are analogous to the Guando Field on the trend southwest of Block 4.

The block is situated in the southernmost part of the Eastern Cordillera Basin where it joins the Upper Magdalena Basin and lies immediately to the southwest of the capital Bogota. It contains at least three different structural zones which appear to be variously explored.

ADA is a private independent upstream Australian energy company. For additional information, contact Mike Lakin, at Envoi Ltd., 4420-8566-1310.