New Zealand: AWE’s Tui SW-2 Encounters Oil Shows

AWE Limited advises that at 0600 hours today, the Tui SW-2 well has been drilled to total measured depth of 3,749 meters. Progress for the week was 2,176 metres.

Oil shows were encountered as prognosed over 10 metres in the top of the objective F Sands. The significance of these shows will be evaluated by wireline logging over the next few days. 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%

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Source:Awexplore , June 10, 2010: