AWE Starts Drilling Kahu-1 Well Off New Zealand

AWE Limited advises that the Kahu-1 well started drilling at 0600 hours (NZ Time) on 28 June, 2010. The Kahu-1 well is an exploration well within PMP 38158, located approximately 3 kilometres east of the producing Tui oil field.

Kahu-1 will test the Kapuni group sands within a large incised valley feature immediately east of the Tui oil field. The well is being drilled in a water depth of 122 metres and is expected to drill to a total measured depth of approximately 3,820 metres.

Participants in Kahu-1 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%

[mappress]

Source: awexplore, June 28, 2010: