Offshore staff

The New Zealand Tui Area oil field in PMP 38158 in offshore Taranaki may yield an additional 1.1 MMbbl oil with a planned production well reconfiguration, said operator Australian Worldwide Exploration Ltd.

AWE estimates the new well configuration planned for the Tui - Amokura - Pateke development will increase recoverable oil reserves from 26.8 MMbbl to 27.9 MMbbl.

Subject to regulatory approvals, this plan will reconfigure the oilfield development to include two wells on the Tui field (with a provision for a third well if development drilling and production data supports higher recoveries) and a single well each on Amokura and Pateke.

The revised plan does not alter the timetable for first oil deliveries from the project, expected by the end of 2Q07.

In addition to the development drilling, the joint venture will drill two exploration wells, Tieke-1 and Taranui-1, within PMP 38158. A drilling rig has been secured for these wells, which are currently scheduled for drilling in the second quarter of 2007.