AWE Completes New Zealand Acquisition


Tui Oil Field, Maui Field, Kupe Field
(Click to Enlarge)
On January 27 Australian Worldwide Exploration Limited entered into an agreement with the Transworld group of companies to increase its equity in, and take Operatorship of, the Tui Area oil project in New Zealand. The agreement includes the purchase by AWE of a further 22.5% interest in PMP 38158, including the Tui Area oil project.

AWE reports that the acquisition was completed today and that AWE has moved to 100% ownership of New Zealand Overseas Petroleum Limited ("NZOP"). As a result of the completion of the transaction, AWE has issued 48.66 million new AWE shares to New Zealand Overseas Petroleum (Holdings) Limited ("NZOPH") and the principal of NZOPH, Mr. John Deuss has joined the board of directors of AWE. Furthermore, Mr. Tim Ulrich, an executive director of NZOPH has been appointed as an alternate director to Mr. Deuss.

Prior to the completion of the above transaction, Mitsui New Zealand E&P Limited completed a transaction with NZOP and acquired a further 22.5% interest in PMP 38158 and the Tui Area oil project.

Commenting on the Completion, AWE's managing director Mr. Bruce Phillips said:
"We are pleased to take ownership of NZOP to increase AWE's equity from 20% to 42.5% in the Tui Area oil project. This will provide a significant step forward in AWE's growth aspirations as both an oil and gas producer and operator.

"Completion of this deal will allow AWE and its co-venturers to focus on the timely development of the Tui Area oil project to the benefits of all relevant stakeholders."

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