Woollybutt-1ST1 Finds Hydrocarbons

The Woollybutt-1ST1 well reached a total depth of 3,178 meters measured depth, having drilled a 200 meter horizontal section of good reservoir, and is in the process of running and cementing 114 mm production liner. After the Woollybutt-1ST1 well has been completed ready for production, a clean up flow will be conducted to unload the well and evaluate the well's production performance. This should take place in the next few days and it is expected that all well operations will be completed by October 7, 2002 in readiness for the arrival of the FPSO. The Woollybutt Oil Field will be produced from two wells, namely Woollybutt-1ST1 and Woollybutt-2AST3.

Construction of all other production facilities are proceeding according to plan, with flow line installation scheduled for December 2002 and the installation and commissioning of the FPSO on-site expected in early January 2003. Participants in the WA-234-P joint venture are Agip as operator with 65%; Mobil Australia with 20% and Tap Oil with the remaining 15%.