AWE advised that at 0600 hours the Tuatara-1 well was at a measured depth of 773 meters after running and cementing 13-3/8" casing and landing the BOP's in preparation for drilling ahead in 12-1/4" hole. Progress for the week was 613 meters.

Tuatara-1 is located in PEP 38524, in the western Tasman Bay in the southern part of the offshore Taranaki Basin.

The well will target the Moki Sandstones within the Tuatara prospect, which is defined by the Malvern 2D seismic survey. It will be drilled in approximately 50 meters of water to a proposed total depth of 2,025 meters. The Kan Tan IV mid-water semisub is drilling the well.

Participants in PEP 38524 are:

•AWE Limited (Operator) 60.0% •Roc Oil (Tasman) Pty Limited 20.0% •Kea Oil and Gas Limited 10.0% •Carnarvon Petroleum (NZ) Limited 10.0%

Tags: AWE Limited