New Zealand: AWE Ltd. Completes Wireline Logging at Tui SW-2

AWE Limited advises that wireline logging has been completed 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. Wireline logging operations have been completed and the 7″ liner will now be run so that the well can be used for possible future gas injection.

The Tui SW prospect is located in mining licence 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. Tuatara-1 will follow as the fourth exploration well in the current AWE-operated campaign.

Participants in Tui SW-2 and PMP 38158 are:

AWE Limited (Operator) 42.5%

Mitsui E&P Australia Pty Limited 35.0%

Stewart Petroleum Co Limited (NZOG) 12.5%

WM Petroleum Limited (PPP) 10.0%

AWE Limited is an Australian based oil and gas exploration and production company. AWE was recently admitted to the prestigious ASX 100 Index. AWE currently has oil and gas interests in Australia, New Zealand, Indonesia, Yemen and Argentina, and is actively reviewing additional growth opportunities.

[mappress]

Source: awexplore, June 15, 2010;