Why the big late trades last night: AUSTRALIAN WORLDWIDE EXPLORATION LIMITED (AWE)
Announced on: 16/10/2002 12:23:50
Part: A
Words: 337
Status: Not market sensitive (N)
Related Companies: VICTORIA PETROLEUM NL, VOYAGER ENERGY LIMITED, PANCONTINENTAL OIL & GAS NL, HARDMAN RESOURCES LIMITED, ORIGIN ENERGY LIMITED (VPE,VOY,PCL,HDR,ORG)
--------------------------------------------------------------------------------
AUSTRALIAN WORLDWIDE EXPLORATION LIMITED 2002-10-16 ASX-SIGNAL-G
HOMEX - Sydney
+++++++++++++++++++++++++
Australian Worldwide Exploration Limited, on behalf of its
wholly-owned subsidiary, AWE (Perth Basin) Pty Ltd, ("AWE"), advises
that, as at 0900 hours EST on 16 October, the Jingemia-1 exploration
well was drilling ahead at 2,021 metres. The primary target is
prognosed at a depth of approximately 2,275 metres, which on a
trouble free basis should be reached in the next three days.
During the week, 1,214 metres were drilled. Jingemia-1 is located in
EP 413 onshore in the northern Perth Basin, approximately 5
kilometres southwest of the Hovea oil and gas field and 24 kilometres
south of Dongara.
The well is being drilled to test a fault dependent closure, similar
in structural style to the Hovea Oil Field, and will target the
Dongara Sandstone confirmed as oil bearing at Hovea 1 and 3 and the
High Cliff Sandstone confirmed as gas bearing at Hovea 2. The
structure has the potential to contain 10-30 million barrels of oil
in place at the Dongara sandstone level. Prognosed total depth for
the well is 2,785 metres.
Jingemia-1 is the first of a number of wells in the northern Perth
Basin in which AWE will participate in the next 5 months. Others
include appraisal of the Cliff Head oil discovery and the Mentelle
and Twin Lions exploration wells, all situated in shallow waters,
nearshore and to the west of Jingemia-1.
Participants in EP 413 and Jingemia-1 are as follows:
AWE (Perth Basin) Pty Ltd 15.245%
Origin Energy Developments Pty Limited 49.189%
Hardman Oil and Gas Pty Ltd 22.376%
Victoria Petroleum NL 5.7685%
Voyager Energy Limited 5.7685%
Pancontinental Oil & Gas NL 1.278%
Alan Robert Burns 0.233%
John Kevin Geary 0.142%
For further information please contact Mr Bruce Phillips
(Phone: (02) 9460 0165 or Fax: (02) 9460 0176)
Email: [email protected] Website: www.awexp.com.au
A copy of the full announcement, including Map is available in PDF
format on www.asx.com.au. Alternatively it is available for purchase
from ASX Customer Service on 1 300 300 279.
HDR
hardman resources limited
