AWE advised that wireline logging is still in progress at the Tui SW-2 exploration well.

Wireline evaluation of the previously reported oil shows in the top of the F Sand has established that an economic accumulation of oil is not present at the Tui SW-2 location. Upon completion of wireline logging operations the 7" liner will be run so that the well can be used for possible future gas injection.

The Tui South West prospect is located in mining license PMP 38158 in the offshore Taranaki Basin and is adjacent to the producing Tui oilfield. Kahu-1, to the east of the Tui oilfield, will be drilled immediately following Tui SW-2.

Participants in PMP 38158 are:

•Pan Pacific Petroleum NL 10.0% •(through wholly owned subsidiary WM Petroleum Limited) •AWE Limited (Operator) 42.5% •Mitsui E&P Australia Pty Limited 35.0% •Stewart Petroleum Co Limited (NZOG) 12.5%

Tags: AWE Limited