AWE Moves Ahead at Netherby-1

Australian Worldwide Exploration (AWE) reported that, as of the morning of July 29, the Netherby-1 well was running electric logs at a total measured depth of 1,870 meters. Progress for the week was 630 meters. Gas shows were encountered in the Waarre "A" Sandstone over a gross interval of approximately 22 meters. These shows will be assessed by the electric logging suite, including pressure testing.

Netherby-1 is located in VIC/P 44, approximately 4 kilometers north of the Henry-1 gas discovery. The well is the second well in the current drilling program, which will target additional gas reserves in the offshore Otway Basin. In case of success at the Netherby-1 exploration location, the VIC/P 44 joint venture has included provisions to drill an immediate follow-up sidetrack development well. The Henry-2 development well will follow immediately after Netherby-1/Netherby development well/s.

Participants in VIC/P 44 are AWE with 25%, operator Santos Limited with 50% and Mitsui E&P Australia Pty Ltd with 25%.