Yolla-4 Well Results & Upcoming Testing Program

Australian Worldwide Exploration reports that preliminary interpretation of the wireline logs and pressure data for Yolla-4 indicates that the well encountered 3 main gas zones in the Eastern View Coal Measures, as anticipated. These intervals, between 2,882 2,914 meters, 2,962 2,985 meters and 3,149 3,165 meters (all measured depths (md)), confirmed that reservoir quality is excellent. Two cores were cut through the sequence, between 2,982.02 - 2,919.60 meters and 2,958.07 2,985.37 meters (md).

A shallower interval between 2,458 2,467 meters also encountered hydrocarbon shows, as reported on July 6. The interval was confirmed to be a small oil zone, which will be completed for future testing.

The reservoir net pay encountered at Yolla-4 was slightly less than the pre-drill expectations; however, the porosity and permeability measured in the core and via wireline logs was greater than expected. In addition, the well encountered a thin oil zone, which was a positive surprise within the well.

Following running and cementing the liner, the joint venture intends to perforate and complete the 3 main gas bearing sandstone reservoirs and the upper oil zone. Production tests will be conducted on all zones post completion. These results will be released to the ASX at the end of each test. The joint venture expects that the testing programme will be completed by the end of July, followed by the drilling of the Yolla-3 development well.

The Yolla field is located within the Tasmanian offshore production license, T/L1 approximately 95 kilometers southwest of Wilson's Promontory and 110 kilometers north of the Tasmanian coastline.

Following completion of the development drilling phase, the Ensco 102 drilling rig will be mobilized to drill the Trefoil-1 exploration well, approximately 40 kilometers west of Yolla.

Participants in T/L 1 are:

AWE Petroleum Pty Ltd ("AWE") 30.0%
Origin Energy Resources Limited (Operator) 32.5%
CalEnergy (Australia) Limited 20.0%
Wandoo Petroleum Pty Ltd 12.5%
Origin Energy Northwest Limited 5.0%
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