woosh - tipton west pilot well achieves hurdle flo ASX...

woosh - tipton west pilot well achieves hurdle flo ASX ANNOUNCEMENT – 14 April 2005 Tipton West Pilot Well Achieves Hurdle Flow rate The Directors of Arrow Energy NL [Arrow] are pleased to advise the continued improving performance of the Tipton West Pilot. The combined flow rate from the pilot has increased to 580 mcfd. Prior to the drilling of wells TWP-14 and TWP-15 the combined flow rate was approximately 250 mcfd. In particular the central pilot well, TWP-13, has increased from 125 mcfd to over 200 mcfd. Gas flows on all wells are continuing to increase. Wells TWP-14 and TWP-15 were added to the pilot approximately four weeks ago to improve the dewatering of the pilot area and to hence accelerate the achievement of the economic hurdle gas flow rate which is one of the pre-requisites for “Probable” reserve certification. Arrow Energy operates the Tipton West field on behalf of the Joint Venture owners (Arrow 80%, Comet Ridge 20%). The field already has “Possible” reserves of 1086 PJ certified. Three gas sales MOU’s (3.2 PJ p.a. for 15 years with Ergon Energy, 4 PJ p.a. for 15 years with ERM Wambo Power, and 15 PJ over 5 years with BP) are in place and full gas Sales Agreements will be finalised for these MOU’s following certification of “Probable” reserves. For and on behalf of the Board of Directors Paul Marshall Company Secretary This announcement has been approved by the board of Arrow and the technical information herein has been provided by a consultant (Dr R W Day) with more than 25 years experience in petroleum exploration. For further information contact: Stephen Bizzell or Nick Davies Phone (07) 3303 0650 Fax: (07) 3303 0651 E-Mail: [email protected]: www.arrowenergy.com.au