AWE Drilling Ahead on Yolla-4

AWE reports that the Yolla-4 development well was drilling ahead at a measured depth of 2,000 meters. Yolla-4 is to be drilled to a planned total depth of 3,248 meters.

Yolla-4 is the first of a two-well development drilling program on the Yolla gas and condensate field being undertaken by the Ensco 102 jack-up drilling rig. The development drilling is the last major task to be undertaken prior to first gas being produced by the BassGas Project by the end of Q3, 2004. The Ensco 102 rig will be stationed beside the Yolla "A" platform for the drilling of the development wells.

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 the Yolla "A" platform.

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%