Magnolia-1 Exploration Well Drilling Ahead

Australian Worldwide Exploration Limited reports that the Magnolia-1 exploration well has been drilled to a measured depth of 1,380 meters, where 13-3/8" casing was run and tested. Currently, the rig is preparing to drill ahead in 12-1/4" hole to target levels. Progress for the week is 903 meters.

Magnolia-1 is located in the offshore Timor Sea region, approximately 19 kilometers northeast of the Montara oil field and 28 kilometers south-east of the Skua oil field offshore Australia. Magnolia-1 has a planned total depth of 3,240 meters.

The well will target the oil potential of the Late Jurassic Montara Formation as a primary objective with the Upper Vulcan Formation and Plover Formation sands also considered as secondary targets for the well. The Magnolia-1 well will test a faulted four-way dip closure in a crestal position. The prospect could contain between 60-100 million barrels of recoverable oil in the success case.

Participants in AC/P 32 are Coogee Resources as Magnolia 1 operator with 20.0%; AWE Timor Sea Pty Ltd ("AWE") with 10.0%; OPIC Australia Pty Ltd with 25.0%; Norwest Energy NL as permit operator with 19.6%; Adelphi Energy Limited with15.0% and Bounty Oil and Gas NL with the remaining 10.4%.

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