AWE advised that the Tui SW-2 well was preparing to run the BOPs (Blow Out Preventers). This has been delayed because necessary repairs were held up by bad weather over the last week. After the BOPs are operational, the forward plan is to drill ahead in 8-1/2" hole from 1,573 meters to a total depth of 3,725 meters.

The Tui SW prospect is located in mining license PMP 38158 in the offshore Taranaki Basin and is adjacent to the producing Tui oilfield. At the conclusion of drilling, Tui SW-2 will be cased and suspended as a possible future gas injection well.

Kahu-1, to the east of the Tui oilfield, will be drilled immediately following Tui SW-2. Tuatara-1 will follow as the fourth exploration well in the current AWE-operated campaign.

Participants in Tui SW-2 and PMP 38158 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%

Tags: AWE Limited