AWE Limited advises that the PMP 38158 (Tui) Joint Venture has approved the drilling of two additional wells in the second half of 2013:

• the Pateke-4H infill development well; and • the Oi exploration well.

AWE, as the Operator, has entered into an agreement to secure the recently overhauled and upgraded Kan Tan 4 semi-submersible rig, operated by Frigstad Offshore, to drill both wells as part of a larger drilling campaign to be undertaken by other companies in New Zealand during 2013-14.

The Pateke-4H infill development well will target a mapped northern extension of the Pateke Field (part of the Tui field group) that is not being accessed by the current producing well, Pateke-3H. The well is planned to be drilled to a total measured depth of approximately 6,900m and will include a 2,500m horizontal section.

AWE estimates that Pateke-4H could increase field recovery by 2.3 million barrels (gross). AWE has previously booked its equity share of a Contingent Resource (2C) recoverable volume of 2.0 million barrels associated with this opportunity.

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