OMV Spuds Lauda-1 Well Offshore Australia

The Lauda-1 exploration well located in WA-290-P offshore Australia was spud on March 23, 2005 with the Sedco 703. The well is expected to reach a total depth of 3,288 meters measured depth.

The Lauda prospect comprises an interpreted structural closure of Barrow Group sandstones sealed against the northerly trending Minden Fault. The previously drilled well Minden-1, located 600 meters to the southeast, is interpreted to have been drilled on the downthrown side of this fault, missing the structural closure. Good oil shows recorded in Minden-1 are encouraging for the migration of oil into this area, and Lauda-1 will evaluate the oil potential of the structure updip of the Minden-1 well. If successful Lauda-1 has the potential to contain up to 50 mmbbls of oil.

WA-290-P Joint Venture Participants are OMV as operator with 50%; Nippon Oil with 25% and Tap Oil with 25%.

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