The Geographe 1 exploration well in the Otway Basin has encountered a significant new source of natural gas. The Geographe field is located approximately 9 miles north of the adjacent Thylacine discovery in T/30P. Preliminary volumetric estimates indicate an in
place gas resource for the southern culmination of approximately 500bcf. Further drilling in the northern culmination could increase the in place gas resource to more than one trillion cubic feet. The well, which was drilled by Diamond Offshore's Ocean Bounty is being cased and suspended for potential completion as a producer at a later date. Woodside holds a 55 percent interest, Origin Energy Resources holds 30 percent and CalEnergy Gas (UK) Ltd holds the remaining 15 percent.