Coogee Resources Spuds Magnolia-1 Exploration Well

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Australian Worldwide Exploration Limited reports that the Magnolia-1 exploration well, located in AC/P 32, was spud on December 26, 2005. Currently, Magnolia-1 is drilling ahead at a measured depth of 477 meters.

Magnolia-1 is located in the offshore Timor Sea region, approximately 19 kilometers northeast of the Montara oil field and 28 kilometers southeast of the Skua oil field. Magnolia-1 has a planned total depth of 3,240 meters.

The well will target the oil potential of the Late Jurassic Montara Formation as a primary objective with the Upper Vulcan Formation and Plover Formation sands also considered as secondary targets for the well. The Magnolia-1 well will test a faulted four-way dip closure in a crestal position. The prospect could contain between 60-100 million barrels of recoverable oil should the well be successful.

Participants in AC/P 32 are Coogee Resources as operator with 20%; AWE Timor Sea Pty Ltd ("AWE") with 10.%; OPIC Australia Pty Ltd with 25.0%; Norwest Energy NL as permit operator with19.6%; Adelphi Energy Limited with 15.0% and Bounty Oil and Gas NL with the remaining10.4%.

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