trefoil but don't get your hopes up.

AWE’s Trefoil-1 encounters gas & oil shows
Australian Worldwide Exploration Limited, on behalf of its wholly owned subsidiary AWE Petroleum
Pty Ltd (“AWE”), advises that at 1500 hours today the exploration well Trefoil-1, located in the Bass
Basin permit T/18P, was at a measured depth of 3442 metres and changing the drilling bit prior to
running back into the hole to continue drilling.
Since the last report on 19 November, good gas shows have been recorded in sands
interbedded with shales over the gross intervals 2964-3000 metres, 3015-3044 metres and
3135-3156 metres, and in sands interbedded with volcanics over the gross intervals 3382-
3387 metres and 3429-3432 metres. Furthermore, logs run during drilling show elevated
resistivities corresponding to sands with gas shows supporting the presence of trapped
hydrocarbons. Indications of live oil in the mud were also reported over the interval 3382-
3387 metres.
In view of the continued hydrocarbon shows during drilling, the joint venture has agreed to extend
the total depth from 3154 metres to 3527 metres. Thereafter wireline logs will be run and formation
pressures and samples taken to confirm the presence of hydrocarbons and to determine the quality
of reservoirs intersected in the well. Not until this information is to hand can any inferences be drawn
on the significance of hydrocarbon indications observed to date.
Commenting on the results, AWE’s managing director, Mr Bruce Phillips said:
“These gas and oil shows are stronger than those reported last week and may ultimately prove to be
commercially significant. However, we caution investors that we need to await the results of all of
the wireline logging operations, including formation sampling, prior to drawing any conclusions as to
the commercial significance of the shows.”
Participants in T/18 P are:
AWE Petroleum Pty Ltd (“AWE”) 22.6%
Origin Energy Resources Limited (operator) (“Origin”) 41.4%
CalEnergy Gas (Aust) Limited 23.5%
Wandoo Petroleum Pty Ltd 12.5%