The Company, "TME," reports that it has acquired a one-percent working interest in its second onshore lease in South Australia. The lease contains 146,659 acres and is located in the prolific Cooper-Eromanga Basin. Offset wells to this lease have flowed up to 6,600 barrels of oil per day. The lease has a "look-alike" structure more than twice as large as the Keleary Field offset structure that has produced more than 1.6 million barrels of oil.

Cooper Energy NL is the Operator for this prospect. Geological surveys will be completed in 2004 and a drill date determined.

TME is confident that a new oil field could be discovered on the company's latest acquisition.

The Cooper Energy Eucalyptus well has been plugged & abandoned. This well, located on the southeast corner of a 1,230,000 acre lease, had excellent oil shows and indicates oil movement into the main portion of the lease. Cooper has indicated that new locations will be determined from this data. Cooper Energy has discovered six important fields as a result of their last eight wells drilled.