New Zealand: AWE’s Tui FY2010 Production and FY2011 Forecast

AWE Limited, as Operator of the Tui Field on behalf of the Tui Joint Venture, advises that production from the Tui area oil fields for the financial year ended 30 June 2010 was 4.83 million barrels. This slightly exceeded the revised forecast for the financial year of 4.80 million barrels. Total Tui production since the field began producing in July 2007 has now reached 28.2 million barrels.

AWE is forecasting production for financial year ending June 2011 of 2.8 million barrels. This includes an allowance for the Pateke-3H well, which was recently shut-in, to undertake repairs to the wells artificial lift system.

The Tui area oil fields have four producing wells – Tui-2H, Tui -3H, Amokura-2H and Pateke-3H. Planning of a required workover of the Pateke-3 well is underway to enable recommencement of production from this well, currently estimated to be in mid Q4, 2010. AWE plan to utilize the Kan Tan IV drilling rig to carry out this work-over given the rig is currently under contract to AWE for various scheduled drilling operations.

Participants in PMP38158 are:

AWE Limited (Operator) 42.5%

Mitsui E&P Australia Pty Limited 35.0%

Stewart Petroleum Co Limited (NZOG) 12.5%

WM Petroleum Limited (PPP) 10.0%

Source: Awexplore,July 5, 2010

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