Woollybutt Development Well Successfully Flow Tested

The Woollybutt-4H development well, located in permit WA-25-L offshore Australia, has now been successfully flow tested as per the completion program. Preparations are currently underway to temporarily suspend the well in a ready state for connecting it to the northern lobe production facilities early next year. Following this, the rig will move to the Woollybutt-6 appraisal well location to investigate the possibility of more producible reserves at that location.

Woollybutt-4H intersected the target oil reservoir as prognosed with the well completed and flow tested as per expectations. It will now be tied into the northern lobe facilities early next year with production from the field expected to be approximately 14,000 bopd. Should Woollybutt-6 be successful, it too will be tied in immediately and will augment the above production rate estimate.

WA-25- L Joint Venture participants are Tap West Pty Ltd with 15%; Eni Australia Ltd (Operator) with 65%; and Mobil Australia Resource Co Pty Ltd with 20%.

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