Production to Commence from Woollybutt Field This Month

The FPSO "Four Vanguard" has gone to anchorage 25 nautical miles from the Woollybutt oil field, just south of Barrow Island, pending arrival of additional tug boats at the Woollybutt field for the marine installation operations.

Over the course of the next week numerous pre-connection activities will be undertaken prior to installation and commissioning of the Woollybutt-1ST1 and Woollybutt-2AST3 production wells.

The respective gravity bases and anchoring systems have been installed and the deep sea mooring system which holds the flow lines from the two production wells is in place ready for commissioning.

AGIP Australia Ltd. has advised that installation and hook-up activities will commence approximately March 21st and initial production of hydrocarbons will commence around March 31st. At this time the field will be steadily ramped up to its expected production rate of approximately 34,000 barrels per day with this flow expected to be achieved by 9 April 2003.

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