great report, page-3

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;