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AWE begins drilling Oi-1

SYDNEY, Australia -- AWE, as operator of Petroleum Mining Permit 38158, offshore Taranaki, New Zealand, has reported that the semi-submersible drilling rig Kan Tan IV commenced drilling the Oi-1 exploration well on May 30, 2014. The Oi-1 exploration well is located approximately 12 kms northeast of the Tui Area oil fields in water depth of approximately 120 m.

The Oi-1 exploration well will be drilled vertically to a planned total depth of 3,881 m. The well objective is to evaluate the hydrocarbon potential of a 4-way dip closed structure similar to the producing Tui, Amokura and Pateke fields, and it will target the same F10 reservoir sandstones.

The Oi prospect, in a discovery success case, represents a best estimate Prospective Resource of 11 MMbbls of recoverable oil (gross, unrisked P50 estimate). AWE is participating in the Oi-1 exploration well at a reduced equity of 31.25% and has the option to increase its equity participation in any future appraisal drilling and development to 57.5% by exercising existing buyback provisions.

Gross dry hole drilling costs are estimated at $27 million (net $8.4 mn to AWE at 31.25%) and the well is expected to take approximately 30 days to complete.

In the event of a commercial discovery, it is envisaged that any subsequent development of the Oi field would involve a tie back to the nearby Tui production facility, the FPSO Umuroa, where sufficient production capacity is available.

The JV partners in PMP 38158 are: AWE (via subsidiaries) (operator) 57.50%, New Zealand Oil & Gas (via subsidiaries) 27.50%, Pan Pacific Petroleum (via subsidiaries) 15.00%.

The JV partners in the Oi-1 exploration well are: AWE (via subsidiaries) (operator) 31.25%, New Zealand Oil & Gas (via subsidiaries) 18.75%, Pan Pacific Petroleum (via subsidiaries) 50.00%.



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