Trefoil-1 To Be Production Tested

Offshore Bass Basin, Tasmania
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AWE Petroleum reports that after the completion of wireline logging operations, the Trefoil-1 well in the Bass Basin offshore Tasmania has been confirmed as a new gas field discovery. In view of the positive results from logging operations, the well will now be cased and production tested.

Wireline logging operations (including comprehensive formation testing and sampling) confirm that Trefoil-1 has intersected approximately 50 meters of net gas pay over 8 zones in good quality sandstone reservoirs within the Intra Eastern View Coal Measures (Intra-EVCM). This is the same geological formation that contains the gas-bearing sands being developed at the nearby Yolla gas and condensate field as part of the BassGas Project.

As previously reported, the gas is of high quality. Sampling has established that the liquids content of the gas zones ranges from 50 to 100 barrels of liquids per million cubic feet of gas, which is comparable to the very rich Yolla field. The gas is also low in carbon dioxide, with all gas zones containing approximately 3%. These are, on average, less than one sixth of the levels encountered in the Yolla field.

Whilst considerable geotechnical work is required to provide an accurate indication of recoverable reserves, the Company provides guidance that the "in-place" resource for the field should lay in the range of 100 to 300 billion cubic feet of gas and 7 to 21 million barrels of associated liquids.

The production test program is to be conducted over two separate intervals, from 3040-3047 meters and 3141- 3150 meters. These intervals are from the lower quality pay zones in the well, and if productive, will go a long way to establishing the commercial viability of a development of the Trefoil field.

If the Trefoil field is ultimately developed, the nearby White Ibis gas and condensate field will also become a serious candidate for commercial development as part of the overall BassGas Project. The results of the testing program will be reported to the market after completion of activities. Participants in T/18 P are Origin Energy as operator with 41.4%; AWE with 22.6%; CalEnergy Gas with 23.5% and Wandoo Petroleum with 12.5%.

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