Exploration and Development Activity

AWE completed a successful drilling campaign in the offshore Otway Basin in the early part of the year, with a successful gas discovery (Netherby-1) being drilled. The exploration phase was followed by two successful development wells, both of which were successfully suspended for future gas production through the Henry gas development.

Later in the year, AWE participated in the initial stages of a 4-well program in the onshore Perth Basin. This drilling, a mix of exploration and development wells, which had some success, has continued into the 2010 financial year.

In Vietnam, AWE participated in the Tuong Vi-1 exploration well in the Nam Con Son Basin as part of the exploration-led strategy in Asia. The well was unsuccessful.

Exploration, appraisal and development wells drilled in 2008-09 year

The 2010 exploration and appraisal program is focused on the long awaited activity in the Bass and Taranaki Basins. In addition, AWE is planning drilling in Indonesia, following the success in 2008 and is also drilling for the first time in Yemen in the December quarter.

Based on our current drilling schedule, the Company expects to participate in the following wells during the 2009-10 financial year:

2009-2010 Exploration targets

Timing of the exploration program is subject to change, but the table above reflects the expected timing as of the date of this report (September 2009).

Review of Operational Performance and Financial Overview

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