AWE Updates on Operations at Tuong Vi-1 Offshore Vietnam

AWE reported that the open hole has been logged and 13-3/8" casing has been set at a measured depth of 1,573 meters, above the first of the target zones at the Tuong Vi-1 well offshore Vietnam. Drill pipe is currently being run into the hole to drill cement and perform the formation integrity test, prior to drilling ahead.

The well is located in the 06/94 block in the Nam Con Son Basin, approximately 400 kilometers from the coastline of Vietnam. The primary target of the well is the oil potential of the Dua Formation sandstones with secondary targets in the Nam Con Son Carbonate and Cau sandstones. The well is planned to be drilled to a total measured depth of 2,770 meters.

Joint Venturers in 06/94 are:

• AWE Vietnam Pte. Ltd 23.33%
• PearlOil (Nam Con Son) Limited (Operator) 33.34%
• Lundin New Venture B.V. 33.33%
• Serica Nam Con Son B.V. 10.00%