ORIGIN ENERGY LIMITED — Capital/Financing Update 2015

Mar 8, 2015

ASX Announcement 9 March 2015

Senecio-3 achieves average gas flow rate of 12.3 mmscf/d from conventional Kingia interval – confirms commercial potential of Waitsia field

• Primary Kingia target achieves average gas flow rate of 12.3 mmscf/d with no stimulation

• Confirms Kingia as a conventional reservoir with low CO2 content of around 2%

• Waitsia gas field capable of producing gas at commercial rates with potential for low cost, onshore development

AWE Limited (ASX: AWE) as the Operator of the L1/L2 joint venture, provides the following update on the flow testing program at the Senecio-3 well, in the onshore Perth Basin, Western Australia.

The second stage of the testing program commenced on 8 March and is focused on the primary target in the upper Kingia Sandstone. A 10 metre interval (3,173m – 3,183m) was perforated without stimulation at 10:48 hours Australian Western Standard Time (AWST) and well clean-up operations commenced at 11:36 hours AWST.

A preliminary maximum gas flow rate of 18.5 million standard cubic feet per day (mmscf/d) was measured on a 48/64 inch choke. At the end of an 18 hour clean up period, the well flowed gas at an average rate of 12.3 mmscf/d with a well head pressure of 1,980 psig over a 5 hour period on a 36/64 inch choke. The gas composition was predominantly methane with only minor levels of carbon dioxide present (CO2 circa 2%, which is within gas pipeline specification).

The well will be shut in for a brief pressure build-up survey prior to a series of flow tests at various choke settings, rates and well head pressures over the next week. This will be followed by an extended pressure build-up survey with the full testing program expected to be completed by midApril.

The Managing Director of AWE Limited, Mr Bruce Clement, said that the initial flow test results from the primary Kingia target confirmed the commercial potential of the recently discovered Waitsia gas field.

“This is an excellent result for AWE, the local community and Western Australia. The initial flow test results confirm the Kingia Sandstone is a conventional gas reservoir capable of producing commercial flow rates of gas. It has also confirmed the potential for an exciting new gas play in the North Perth Basin.

“The Waitsia gas field represents an estimated gross 2C Contingent Resource of 290 billion cubic feet (Bcf) of gas with significant upside of up to 1.17 trillion cubic feet (Tcf) of gas and we are planning to drill two additional appraisal wells on the Waitsia field this year to better define its full potential.

…/2

AWE LIMITED LEVEL 16, 40 MOUNT STREET NORTH SYDNEY NSW 2060 AUSTRALIA P +61 2 8912 8000 F +61 2 9460 0176 E awe@awexplore.com ABN 70 077 897 440 www.awexplore.com

“AWE is also undertaking engineering studies on potential low cost, early stage development of the Waitsia gas field using existing gas plants and pipeline infrastructure to deliver gas into the WA domestic market,” Clement said.

“The Waitsia gas field has the potential to be a significant source of gas for the WA domestic market. The long-term outlook for gas prices in WA is positive and we have commenced work on gas marketing,” he added.

AWE estimates that the Kingia and High Cliff Sandstone intervals in the Waitsia gas field have gross Contingent Resources in the range from 65 billion cubic feet (Bcf) to 1,170 Bcf, with a best estimate (2C) of 290 Bcf. The Dongara/Wagina formation is estimated to contain an additional 70 Bcf gross 2C Contingent Resource.

Further appraisal of the Waitsia field is planned for late May with the drilling of the Waitsia-1 well, 3km to the east of Senecio-3 in L1/L2. This well will follow the planned Irwin-1 exploration well in EP320 (operated by AWE under an agency agreement with joint venture partner, Origin Energy) that is scheduled to spud in late March. Irwin-1 will target multiple reservoir objectives including the Kingia and High Cliff Sandstones approximately 6km east of the Senecio-Waitsia Fields.

The Joint Venture partners in L1/L2 are:

AWE Limited (via subsidiaries) (Operator) 50.0% Origin Energy Resources Limited 50.0%

Table 1. Gross Contingent Resources estimates for the Senecio and Waitsia fields

		Discovered Original Gas	Discovered Original Gas	Discovered Original Gas	Contingent Resources	Contingent Resources	Contingent Resources
Field (Permits L1/L2)	Reservoir Interval
		in	Place(Bcf)			(Bcf)
		P90	P50	P10	1C		3C
						2C
Senecio	Dongara/Wagina	86	148	246	40	70	130
Waitsia (Senecio Deep)	Kingia/High Cliff Sandstone	115	489	1961	65	290	1170

Table 2. Net Contingent Resources estimates for the Senecio and Waitsia fields

Field (Permits L1/L2)	Reservoir Interval	AWE 50% Share (Bcf)	AWE 50% Share (Bcf)	AWE 50% Share (Bcf)
		1C		3C
			2C
Senecio	Dongara/Wagina	20	35	65
Waitsia (Senecio Deep)	Kingia/High Cliff Sandstone	33	145	585

Reserves and Resources.

The reserve and resource information contained in this announcement is based on information compiled by Dr. Suzanne Hunt (Manager, Engineering and Development). Dr. Hunt is a Petroleum Engineer with a PhD in Geomechanics and has over 18 years’ experience in the petroleum sector. She has consented in writing to the inclusion of this information in the format and context in which it appears.

Conversion Tables

Energy Value	Barrel of Oil Equivalents (BOE)
1,000 standard cubic feet of sales gas yields about 1.055 gigajoules (GJ) of heat 1 petajoule (PJ) = 1,000,000 gigajoules (GJ) 1gigajoule=947,817 British ThermalUnits (BTU)	Oil1 barrel = 1 BOE Condensate1 barrel = 1 BOE LPG/NGLs1 tonne = 11.6 BOE Sales Gas 6PJ= 1 million BOE

Page 2 of 3

About AWE Limited.

AWE Limited is an Australian based energy company focused on upstream oil and gas and related energy opportunities. Established in 1997 and listed on the ASX, the Company is headquartered in Sydney, Australia, with international operating offices in New Zealand and Indonesia. AWE has built a substantial portfolio of production, development and exploration assets in Australia, New Zealand, USA, Indonesia and China. With its strong technical base and disciplined financial management, AWE will continue to pursue exploration, appraisal and development growth opportunities in Australasia and Asia.

For information please see our website www.awexplore.com or contact:

Investor Relations Media Enquiries Matthew Sullivan Ian Howarth AWE Limited Collins St Media 02 8912 8022 03 9600 1979 Matthew.sullivan@awexplore.com ian@collinsstreetmedia.com.au

Figure 1. Map of the Senecio and Waitsia fields and surrounding infrastructure

==> picture [353 x 423] intentionally omitted <==

ENDS

Page 3 of 3