AWE Spuds Tieke-1 Offshore New Zealand

AWE Ltd (AWE) reported that the Tieke-1 well commenced drilling at 0230 hours (NZ time) on November 22, 2006. At 0600 hours Wednesday the well was preparing to run and cement 30" conductor casing at a measured depth of 229 meters.

Tieke-1 is located in PMP 38158, 40 km off the west coast of New Zealand's North Island and approximately 8 km from the Tui oil field. The well will be drilled to a planned total depth of 3,600 meters, in a water depth of 122 meters and is expected to take 18 days on a "trouble-free" basis.

Following completion of operations at Tieke-1, the offshore drilling rig will commence the development drilling activities on the adjacent Tui Area Development.

Participants in Tieke-1 and PMP 38158 are:

--AWE, 42.5%
--Mitsui E & P New Zealand Limited, 35.0%
--Stewart Petroleum Company Ltd ("New Zealand Oil & Gas"), 12.5%
--WM Petroleum Ltd ("Pan Pacific Petroleum NL") 10.0%

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