Release: AWE: Lisah-1 drilling update

(18 February 2008)--AWE reports that wireline logging has been completed in the Lisah-1 well. Wireline data indicates that the primary target was porous, but water wet. Good shows were recorded in the deeper secondary objective, but logs show that the reservoir development is poor. The well is currently being plugged and abandoned.

Lisah-1 was drilled in the Bulu Production Sharing Contract (PSC) in the offshore Java Sea, approximately 90 kilometres north of Surabaya, East Java, in 60 metres water depth.

After completion of operations at Lisah-1, the rig will be moved to drill the Lengo-1 well, in the north west corner of the Bulu PSC.

Participants in the Bulu Production Sharing Contract are: Australian Worldwide Exploration Limited (AWE) 42.5%, Aabar Petroleum Investments Company PJSC (Operator) 42.5%, PT Satria Energindo 10.0% and PT Satria Wijaya Kusuma 5.0%. (end of release)