Updated Perth Basin Reserves Estimates Announced

Australian Worldwide Exploration Ltd. updated reserve estimates of its Senecio gas field (permits L1/L2) in the Perth Basin in Western Australia. Initial data analysis from discovery well, #3-Senecio, indicates that the Kingia/High Cliff Sandstone intervals in Waitsia Field has gross contingent resources of 65-1,170 Bcf. Additional evaluation and appraisal is planned to define the accumulation and the lateral extent of the conventional and tight gas bearing sands. The company is also evaluating the gas bearing intervals in the Irwin River Coal Measures and Caryniginia Shale which could provide additional unconventional resource potential. Current estimate indicates that the Irwin River Coal Measures has gross prospective resource of 114 Bcf-1,497 Bcf. Exploration well #1-lrwin in EP320 is planned and targets Dongara/Wagina sandstone and deeper prospective horizons. Australian Worldwide is the field operator and holds 50% interest along with Origin Energy.