Yolla-3 Development Well Drilling Ahead

Australian Worldwide Exploration reports that the Yolla-3 well was drilling ahead at a measured depth of 1,383 meters. Progress for the week was 1,383 meters.

Yolla-3 is the second of a two-well development drilling program on the Yolla gas and condensate field. The Ensco 102 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 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 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%