Woollybutt Field Producing at Capacity

The Woollybutt Oil Field is currently producing at around 41,000 bbls per day. The field has averaged around 40,000 bbls per day for the last 14 days and has produced in excess of one million bbls of oil since production began on April 29 2003, a little over one month ago.

Two liftings have been successfully completed, on May 17th and May 31st respectively, for a total of around 900,000 bbls of oil.

Going forward, it is expected that the field will maintain the present production rates with the commencement of natural decline dependent on the size of the field and this will be determined from well deliverability over the next few months.

WA-25 –L (previously WA-234-P) Joint Venture Participants are ENI Australia Limited as operator with 65%; Mobil Australia Resources with 20% and Tap Oil Limited with 15%.