AWE to Sidetrack Henry-1 Well

Australian Worldwide Exploration Limited reports that the Henry-1 exploration well, located in VIC/P 44 is being prepared for a sidetrack. To date the well has intersected approximately 32 meters of gross section in the primary objective with approximately 18 meters of sandstone with good gas shows (from LWD and mudlog only).

The joint venture intends to drill the sidetrack and cut a core in the Waarre Sandstone reservoir section where Henry-1 encountered gas shows. Following the drilling and coring, wireline logging operations will be completed. Analysis of this additional data, in conjunction with the data already obtained from the Henry-1 well, will assist in establishing whether Henry-1 can be declared a wildcat gas discovery.

Henry-1 is located approximately 8.5 kilometers northwest of the Casino gas field, where two successful gas development wells were recently completed.

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

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