AWE Preparing to Spud Pateke Well (New Zealand)

February 5, 2014

AWE Limited has informed that at 03:15 hours today (New Zealand Daylight Time) the handover of the Kan Tan IV semi-submersible drill rig to AWE, as Operator of the PMP 38158 joint venture, was completed and that the rig is moving into position in preparation for drilling the Pateke-4H development well.

The Pateke-4H development well is the first of a two well drilling program in PMP 38158, located in the offshore Taranaki Basin, New Zealand. Pateke-4H will target a mapped northern extension of the currently producing Pateke field. The well will be drilled in water depth of approximately 124m with a planned total measured depth of 5,361m, including a 1,272m horizontal section.
AWE estimates that Pateke-4H could increase field recovery by approximately 2.5 million barrels (gross). If successful, the well will be completed in preparation for a subsequent subsea tie-back to the Tui FPSO for production.

Following the drilling and completion of Pateke-4H, the Kan Tan IV drill rig will relocate to a location approximately 13km to the northeast of the Tui field and drill the Oi exploration well.

The Joint Venture partners in PMP 38158 are:

AWE Limited (via subsidiaries) (Operator) 57.5%
New Zealand Oil & Gas (via subsidiaries) 27.5%
Pan Pacific Petroleum (via subsidiaries) 15.0%

[mappress]

Press Release, February 05, 2014