AWE advised that at 0600 hours (NZ time) the Kahu-1 exploration well was starting plug and abandonment operations. Wireline logs were acquired after reaching a total measured depth of 3,835 meters. No significant hydrocarbons were detected within the target sandstone reservoirs.

The Kahu-1 well was an exploration well within PMP 38158, located approximately 3 kilometers east of the producing Tui oil field. At the conclusion of operations at Kahu, the Kan Tan IV drilling rig will be relocated to PMP 38524 to drill the Tuatara-1 exploration well.

Participants in Kahu-1 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: c Limited