Second Woollybutt Production Well Successfully Flow Tested

The Woollybutt-1ST1 located in WA-234-P offshore Australia has successfully been completed as a production well prior to the Sedco 702 moving off the Woollybutt location. After successful clean-up operations, the well flowed at a rate of 9,800 bopd, through a 54/64" choke over a two hour period. This flow rate was limited, as planned, due to surface equipment restrictions, the aim being to clean out the well bore prior to being completed for development. Based on this flow test data and that from the previously drilled well Woollybutt-2AST3, the prognosed whole of field production rates from Woollybutt-1 and Woollybutt-2 are expected to commence at around 35,000 bopd. It is expected that all well suspension operations will be completed with the rig pulling anchors on October 13, 2002 in readiness for the arrival of the FPSO in December 2002.

The Woollybutt Oil Field will be produced from the two development wells just completed, namely Woollybutt-1ST1 and Woollybutt-2AST3. Construction of all other production facilities are proceeding according to plan, with first oil anticipated during the first quarter of 2003. The majority of the topsides are already installed on the FPSO vessel "Four Vanguard" currently in dry dock in Singapore for fit out, and it is anticipated that the FPSO will arrive at the Woollybutt Oil Field in mid December 2002.

Partners in the WA-234-P joint venture are Agip as operator with 65%; Mobil Australia with 20% and Tap Oil with the remaining 15%.