AWE advised that during the last week, Tui SW-2 was drilled to a depth of 1507 meters. The13 3/8" casing has been run and cemented to a depth of 582 meters. This is shallower than was planned, and was necessitated by continuing difficulty with unstable shallow sediments at the Tui SW location. The contingency 9 5/8" casing will now be run to 1500 meters, before drilling ahead to target depth in 8 ½" hole.

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.

The Tui SW-2 well is planned to be drilled to a total depth of approximately 3,725 meters. 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.

Participants in Tui SW-1 and PMP 38158 are:

•AWE Limited (Operator) 42.5% •Mitsui E&P Australia 35.0% •Stewart Petroleum (NZOG) 12.5% •WM Petroleum (PPP) 10.0%AWE advised that during the last week, Tui SW-2 was drilled to a depth of 1507 meters. The13 3/8" casing has been run and cemented to a depth of 582 meters. This is shallower than was planned, and was necessitated by continuing difficulty with unstable shallow sediments at the Tui SW location. The contingency 9 5/8" casing will now be run to 1500 meters, before drilling ahead to target depth in 8 ½" hole.

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.

The Tui SW-2 well is planned to be drilled to a total depth of approximately 3,725 meters. 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.

Participants in Tui SW-1 and PMP 38158 are:

•AWE Limited (Operator) 42.5% •Mitsui E&P Australia 35.0% •Stewart Petroleum (NZOG) 12.5% •WM Petroleum (PPP) 10.0%