AWE Says Henry-1 A New Field Gas Discovery

Australian Worldwide Exploration reports that the Henry-1 sidetrack well, located in VIC/P 44 was conducting wireline logging operations at total depth. During the week, the well was drilled to 2,032 meters measured depth, progressing 589 meters.

A 27.8 meter core was cut and recovered in the Waarre Sandstone, which displayed good gas shows. Preliminary analysis of wireline logs indicates that approximately 20 meters of reservoir quality sand is present within a 30 meter gross section. The well was purposely drilled down-dip from the crest of the Henry structure and pressure data together with 3D seismic has indicated that a gas column of at least 250 meters is present.

The Waarre sandstone reservoir is of sufficient quality that a production test is not considered necessary to prove deliverability for a commercial development. Gas samples will be taken from the reservoir sands to confirm the mudlog indications that the gas does not contain any abnormal contaminants.

Henry-1 is located approximately 8.5 kilometers northwest of the Casino gas field, where two successful gas development wells were recently completed. Diamond Offshore' semisub Ocean Patriot drilled this well.

Commenting on the discovery, AWE's managing director Mr. Bruce Phillips said:

"The Henry-1 gas discovery maintains the 100% success rate for exploration wells drilled by the Vic/P44 joint venture and is a testament to the expertise of the respective joint venture technical teams.

"Given the results to date, and the nature of our gas sales agreement with TruEnergy (formerly TXU), we are optimistic about a commercial development of the Henry field.

"Three gas fields, Casino, Martha and now Henry have been successfully found around the greater Pecten High in the Vic/P44 area, and several other prospects have already been delineated by the extensive 3D seismic surveying in the region.

"Given this situation, we are very encouraged about AWE's long term future in the gas province that is clearly emerging in the offshore Otway basin."

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

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