Woollybutt Well Ready For Production

The well Woollybutt-2AST3, located west of Barrow Island, has successfully been completed as a production well prior to the rig move to the Woollybutt-1 location.

After successful clean-up operations, the well was flowed at a rate of 10,500 bopd, through a 45/64" choke for 4 hours. This flow rate was limited due to surface equipment restrictions, and should not be used as an indication of commercial flow rates. Based on this flow test, the initial prognosed whole of field production rates from Woollybutt-1 and Woollybutt-2 are expected to be around 35,000 bopd.

The rig, Ensco 56, will now be relocated to spud Woollybutt-1ST1 production well as a sidetrack of the Woollybutt-1 well. Construction of all other production facilities are proceeding according to plan, with first oil still anticipated in the first quarter 2003.

WA-234-P Joint Venture Participants are: Agip as Operator with 65%; Mobil Australia holds 20% and Tap Oil holds the remaining 15%.