re: great report page 1 of 7 AUSTRALIAN WORLDWIDE EXPLORATION LIMITED
ABN 70 077 897 440
Level 9, 60 Miller Street, North Sydney, NSW, 2060, Australia.
PO Box 733, North Sydney, NSW, 2059, Australia
Telephone: + 61 2 9460 0165 E-mail: [email protected]
Facsimile: + 61 2 9460 0176 Website: www.awexp.com.au
ASX Announcement
30 October, 2003
AWE’s Casino-3 encounters
significant gas column
Australian Worldwide Exploration Limited, on behalf of its wholly-owned subsidiary
Peedamullah Petroleum Pty Ltd ("AWE") is pleased to advise that the Casino-3 appraisal
well in the Otway Basin, offshore Victoria (figure 1) has successfully intersected gas in the
main Waarre Sandstone reservoir objective.
At 0700 hours on 30 October, the Casino-3 well was at a total depth of 2,135 metres after
intersecting gas in good quality sandstone reservoir rocks over a 20 metre gross interval in
the primary objective Waarre Sandstone. A 27 metre core was cut from 2,004 m to 2,031m
in the Warre Sandstone. Available data indicates that a gas–water contact was
encountered near the base of the sand, confirming pre-drill interpretation of the seismic
data. Thin sandstones immediately overlying the main gas-bearing Waarre reservoir are
also gas bearing and have improved in quality from Casino-2 to Casino-3.
Early indications suggest the three Casino wells could prove-up a gross gas column
of approximately 290 metres in the Casino gas field, confirming AWE’s pre-drill
expectations.
Commenting on the announcement, AWE’s Managing Director, Mr Bruce Phillips,
said
"This is another watershed in AWE’s short corporate history.
The Casino gas field and the surrounding VIC/P 44 area may now become another
cornerstone asset for the Company along with our interests in the Bass Basin (Yolla gas
and condensate field project) and Perth Basin (Cliff Head oil field project). This would be
another step towards AWE’s objective to build a significant Australian-based company in
the upstream petroleum industry.
In the last 3 months AWE’s management team has:
• Negotiated and acquired the VIC/P 44 interest from Strike Oil
• Farmed out half the Company’s equity to Mitsui in return for its assistance in arranging
project financing for any subsequent development on the block;
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