New Zealand: AWE Ltd. Reports on Hoki-1 Well

AWE Limited reports that at 0600 hours (NZ Time) today, the Hoki-1 well, located in exploration permit PEP 38401 in the offshore Taranaki Basin, was at a measured depth of 3,428 metres and was drilling ahead. The well intersected the target North Cape Formation sands overnight, but these were not associated with any indications of hydrocarbons.

It is expected that over the next 24 hours the upper part of the Wainui Formation will be intersected.

Hoki-1 is the first well in AWE’s 2010 drilling campaign in the offshore Taranaki Basin. After completion of operations at Hoki, the rig will move to PMP 38158 to drill the Tui SW-1 and Kahu-1 wells, which are located nearby to the existing Tui oil fields and infrastructure.

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.

Participants in Hoki-1 and PEP 38401 are:

AWE Limited 50.00%

OMV New Zealand Pty Limited 21.25%

Todd Petroleum Mining Company Ltd (Todd Energy) 18.75%

Petroleum Resources Ltd (NZOG) 10.00%


Source: AWE,April 16, 2010;