Update on Thylacine 2 Well Offshore Otway Basin

Origin Energy Resources Limited, as Operator for T/30P, provides the following progress report for the drilling of the Thylacine 2 appraisal well in the offshore Otway Basin, Tasmania.

Wireline logging and pressure testing within the well has indicated the presence of gas over a gross interval of approximately 230 meters. Preliminary analysis of wireline formation samples indicates that the gas has a similar composition to that in Thylacine 1, with an inerts content of approximately 10%.

Cased hole production testing was undertaken over sandstone intervals of differing quality. Testing between 2176 and 2302 mRT produced a maximum flow rate of 28 million cubic feet per day through a 1½ inch choke at a wellhead flowing pressure of 735 psig. This rate was tubing constrained. A lower rate of 7.7 million cubic feet per day was achieved over the initially tested interval of 2176 to 2226 mRT through a 1-inch choke at a wellhead flowing pressure of 366 psig.

Full evaluation of all well results including analysis of cores over much of the gas bearing interval is underway. No conclusions can yet be drawn on the impact of Thylacine 2 results on the size of the Thylacine resource.

Thylacine 2 was drilled 5.7 km from Thylacine 1 on the western flank of the structure, and has been successful in its objectives of proving the structural relief of the field and reservoir extent. However, Thylacine 2 is not optimally located for development, and will therefore be plugged and abandoned. Future development studies will determine the optimal development of the greater Thylacine Field which has now been established as having an aerial extent of approximately 30 square kilometers.

Partners in this well are Origin Energy with 30 percent, Woodside Energy as operator with 50 percent and Benaris International NV with the remaining 20 percent.