Henry-1 Exploration Well Spudded Offshore Australia

Australian Worldwide Exploration reports that the Henry-1 exploration well, located in VIC/P 44 offshore Australia commenced drilling on July 10, 2005.

Henry-1 is located approximately 8.5 kilometers northwest of the Casino gas field, where two successful gas development wells were recently completed. Henry-1 has a planned total depth of 2,012 meters.

The well will target the gas potential of the Waarre Sandstone, which is productive at the nearby Casino gas field. The Henry prospect could contain in excess of 100 petajoules of recoverable gas. If the well is successful, these could be immediately booked as reserves against the existing gas sales agreement with TruEnergy (formerly TXU).

Commenting on the announcement, AWE's managing director Mr. Bruce Phillips said: "The Henry-1 wildcat exploration well will test an important prospect in the offshore Otway Basin. Apart from commercializing additional reserves, success would be important in upgrading the significant number of gas prospects AWE and its co-venturers retain elsewhere in the Vic/P 44 area."

Partcipants in Vic/P44 are Peedamullah Petroleum (AWE) with 25%; Santos as operator with 50% and Mittwell Energy with 25%.

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