Casino Gas Project Update

Australian Worldwide Exploration Limited provides the following update on the progress of the Casino gas field development, located in VIC P/44, offshore Otway Basin.

Since the project was given joint venture sanction on October 12, 2004, the Casino gas development has progressed rapidly. As at the end of December, the project was on schedule (being approximately 22% complete) and on budget to achieve first gas production by January 2006.

During late 2004, formal environmental approval of the Casino development was received from the Commonwealth Department of Environment and Heritage. More recently, the project has received approvals for the construction of the shore crossing and the installation of the onshore pipeline, which will link the offshore development to the Iona gas plant.

Other current key activities for the project include:

  • Commencement of manufacturing of the shore crossing pipeline;

  • Commencement of water bore drilling in preparation for the shore crossing construction;

  • Completion of testing of subsea control systems;

  • Preparation for the development drilling operations with the Casino-4 and -5 wells planned to commence in late Q1 2005; and

  • Completion of the preliminary works for the onshore pipeline installation, including surveying, fencing, location of underground services and coating of the onshore pipeline.

  • Participants in VIC/P 44 are Santo Limited as Operator with 50%; Peedamullah Petroleum Pty Ltd (AWE) with 25%; and Mittwell Energy Resources with the remaining 25%.