AWE reports no significant oil shows at Oi-2 well in PMP 38158 off Taranaki

7/8/2014

AWE reports no significant oil shows at Oi-2 well in PMP 38158 off Taranaki

NORTH SYDNEY, Australia -- AWE Limited (AWE), as Operator of Petroleum Mining Permit 38158 offshore Taranaki, New Zealand, reported that the Oi-2 exploration well reached TD at a measured depth of 3,908 m on 7 July 2014. The well intersected the primary target Kapuni F10 sands and underlying secondary targets. No significant oil shows were encountered and real time well data indicated that the reservoir is water bearing. Preparations are being made to plug and abandon the well.

The Oi-2 exploration well is located approximately 12 kms northeast of the Tui Area Oil Fields in water depth of approximately 120 m.

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

The JV partners in the Oi-2 exploration well are AWE Limited (via subsidiaries) (Operator) 31.25%, New Zealand Oil & Gas (via subsidiaries) 18.75% and Pan Pacific Petroleum (via subsidiaries) 50.00%.

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