Pukeko-1 Encounters More Oil Shows

Ocean Bounty Pukeko-1 Well
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Australian Worldwide Exploration reports that the Pukeko-1 has reached a depth of 4,102 meters and is drilling ahead to a provisional total depth of 4,200 meters.

Over a 47-meter interval from 4,055 - 4,102 meters, increased drilling rates (drill breaks) have been associated with good oil shows and elevated gas readings.

The forward plan is to drill to a provisional total depth of 4,200 meters and run wireline logs to evaluate the commercial significance of these shows. We anticipate that wireline logs will be available over the next few days.

Commenting on the oils shows, AWE's managing director Mr. Bruce Phillips said:

"These oil shows are significantly better than those intersected over the 7 meter interval higher in the hole.

"However, we again caution investors that we have only intersected good oil shows at present. This does not necessarily mean we have encountered a commercial oil accumulation.

"We await the results of wireline logs prior to commenting further on the shows."

Participants are New Zealand Oil & Gas as operator with 45%; AWE with 20%; Mitsui with 12.5%; Steward Petroleum with 12.5% and WM Petroleum with the remaining 10%.

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