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 Price at posting:
0.0¢ Sentiment: None Disclosure: Held
