The woman has been charged with evading police, reckless conduct endangering serious injury and trafficking a drug of dependence in relation to the seizure of 500mls of GHB.

She was remanded in custody and is expected to appear in Warrnambool Magistrates Court on Wednesday.

Another woman will be charged and bailed in relation to unrelated matters.

Earlier, 11am: Police were lucky to avoid a high-speed collision with a fleeing white Holden station wagon after the driver slammed on the brakes near Allansford early Tuesday.

Warrnambool police Detective Senior Constable Derrick Verity, of the crime investigation unit, said the incident happened on the Princes Highway at Allansford about 3am.

Police officers observed a white VT Holden Commodore station wagon travelling east along the Princes Highway near the intersection with Ziegler Parade.

A check revealed the registration plates on the vehicle were stolen and officers attempted to intercept the station wagon.

The Holden wagon initially accelerated to about 140km/h but when pursued by police the driver slammed on the brakes.

Police terminated the pursuit due to the dangerous driving which almost resulted in a rear-end collision.

The white Holden station wagon was later located at Gateway Plaza and is currently undergoing a forensic examination.

"The officers involved were pretty shock up. They were very lucky to avoid a collision. It was pretty close," Detective Senior Constable Verity said.

"We would request anyone with information about the identity of the driver contact the Warrnambool police station or Crime Stoppers on 1800 333 000," he said.

Have you signed up to The Standard's daily newsletter and breaking news emails? You can register below and make sure you are up to date with everything that's happening in the south-west.