AWE Updates on Drilling Ops at Trefoil-2 Offshore Australia

Australian Worldwide Exploration Limited ("AWE") reported that the Trefoil-2 well was at a measured depth of 2,520 meters. During the week the upper section of the 9-5/8" casing and the running tool were retrieved and the casing successfully patched. The current operation is rig maintenance prior to drilling ahead.

Trefoil-2 is an appraisal well which is located in the offshore Bass Basin within exploration permit T/18 P. The well is located approximately 2.6 kilometers south of the Trefoil-1 discovery and 38 kilometers west of the Yolla gas platform. The Trefoil discovery tested gas and condensate from the sandstone reservoirs within the Paleocene and Cretaceous aged Eastern View Coal Measures.

Trefoil-2 is planned to drill to a total measured depth of approximately 3,220 meters. At the conclusion of operations at Trefoil-2, the joint venture will drill the Rockhopper-1 exploration well, which is located approximately 12 kilometers to the north.

Joint Venturers in T/18 P are:

• AWE 47.5%
• Origin Energy Resources Ltd (Operator) 39.0%
• CalEnergy Gas (Australia) Ltd 8.5%
• Innamincka Petroleum Ltd 5.0%