Trefoil-1 Confirmed as a Wildcat Gas Discovery

Australian Worldwide Exploration reports that the Trefoil-1 well in the Bass Basin offshore Tasmania has been confirmed as a wildcat gas-condensate discovery.

Further to advice on November 22nd that good gas shows were recorded within sandstones interbedded with shales over the intervals 2964-3000m, 3015-3044m and 3135-3156m and in sandstones interbedded with volcanics over the intervals 3382-3387m and 3429-3432m. "Singlepoint" formation sampling has confirmed the presence of gas at the following depths: 2968.7m, 2977.8m, 2982.0m, 3045.2m, 3057.2m, 3142.7m and 3386.0m. Some of these samples have increased the gas zones previously identified on wireline electric logs.

In line with the pre-drill prognosis, these "single-point" gas samples are associated with a series of more vertically-extensive, but still low relief, stacked gas columns in good quality sands within the lower Eastern View Coal Measures.

Preliminary analytical data on samples to hand indicate that the gas is good quality, being liquids rich and having a low CO2 content.

As the well appears not to have intersected the gas-water contacts for most of the gas columns, formation testing and sampling is still underway to establish the down-dip extent of the gas accumulations.

At this stage it remains too early to comment on the commercial significance of this new field gas discovery in Bass Strait.

Participants in T/18 P are Origin Energy as operator with 41.4%; AWE Petroleum with 22.6%; CalEnergy with 23.5%; and Wandoo Petroleum with 12.5%.