Yolla-4 Preparing to Run Wireline Logs

Australian Worldwide Exploration reports that the Yolla-4 well is preparing to run wireline logs after reaching its planned total measured depth of 3,235 meters. Progress for the week was 489 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 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 Origin Energy as operator with 32.5%; AWE Petroleum with 30%; CalEnergy with 20%; Wandoo Petroleum with 12.5% and Origin Energy Northwest Limited with the remaining 5%.