AWE reported a revised assessment of reserves for the Tui Area oil project, and also provides an update on recent oil production performance.

An interim post-drilling reserves review indicates that the proved + probable ("2P") developed reserves for the project are 32.0 million barrels of recoverable oil. This compares to the 27.9 million barrels of undeveloped reserves reported prior to drilling the development wells. The above-developed reserves are assessed to be recovered from the four completed wells within the ten-year term of the charter of the Floating Production Storage and Offloading (FPSO) vessel "Umuroa".

In addition, potential for further "undeveloped" reserves has been identified in the Tui Area.

The increase in the recoverable oil reserves is based on the preliminary post-drill mapping of the Tui, Amokura and Pateke oil fields and incorporates data from the four development wells and further interpretation of the seismic data.

A more comprehensive reserve study incorporating production trends from the wells and the re-processed 3D seismic data has also commenced. This study will also evaluate the economic potential of the undeveloped reserves in the area. This study is expected to be completed in 2-3 months and will be released after it has been considered by the joint venture.