Chinguetti-4-3 Well Results Optimistic

Woodside reports that the Chinguetti-4-3 exploration well on the Banda Prospect is currently concluding the running of wireline logs at total depth of 2609 meters. Since the last report, the 12-1/4 inch hole was drilled to total depth of 2609 meters and acquisition of wireline evaluation logs has been undertaken.

A preliminary evaluation of the wireline log data indicates that the well has intersected a number of hydrocarbon bearing sandstones in the primary objective over a gross interval of 133 meters. This interval comprises a gross gas column of 110 meters immediately overlying a gross oil column of 23 meters. Samples of gas and oil have been recovered from both columns. Following the completion of the logging program this well will be plugged and abandoned, as planned.

Mr. John Akehurst, Managing Director of joint venture operator Woodside Petroleum Ltd, said that the joint venture had now drilled 3 prospects offshore Mauritania and had made 2 promising discoveries. "The Chinguetti 4-3 results have increased our optimism with respect to this emerging hydrocarbon province," he said.

Participants in the Area A PSC are Woodside Mauritania Pty Ltd as operator with 35.0%; AGIP Mauritania BV with 35.0%; Hardman Resources Ltd with 24.3%; Fusion Oil and Gas NL with 3.0%; and Roc Oil (Mauritania) Company with the remaining 2.7%.