Australian Worldwide Exploration Limited, on behalf of its...

Australian Worldwide Exploration Limited, on behalf of its wholly owned subsidiary,
Peedamullah Petroleum Pty Ltd (“AWE”), is pleased to announce that the VIC/P 44 joint venture
has unanimously approved the commitment to expenditure for the Front End Engineering and
Design (“FEED”) work for the development of the Casino gas field.
As a result of this decision, the joint venture has moved to accelerate expenditure on the project
in the following key areas:
• Final assessment of recoverable gas reserves for the Casino gas field after reservoir
simulation studies. At present, the recoverable reserves for the Casino field are estimated in
the range of 200 to 270 billion cubic feet of gas.
• FEED on the unanimously agreed final development concept involving the drilling of two
development wells, completed sub-sea and connected to the coastline by a pipeline
traversing underneath the coastline near port Campbell and continuing to the Iona gas plant
facility owned by TXU.
• Seeking regulatory approvals for the development.
Provisional estimates for capital expenditure for the Casino gas field are approximately A$200
million, although it is expected that the FEED studies will more accurately define these
estimates.
The Casino FEED studies and regulatory approvals are scheduled to be concluded by the end
of 2004 to enable the joint venture to proceed with a final investment decision. The development
schedule is targeting first gas sales in Q1, 2006.
Participants in VIC/P 44 are as follows:
Peedamullah Petroleum Pty Ltd (AWE) 25.0%
Santos Limited (operator) 50.0%
Mittwell Energy Resources Pty Ltd 25.0%