AWE: Tui Area Project Reaches Milestone

Tui Offshore Field
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Australian Worldwide Exploration Limited (AWE) announced that the FPSO Umuroa has sailed from Singapore and is heading toward its field location in New Zealand.

The vessel departed Singapore at 1135 hours (Singapore time) on April 1, 2007, and is expected to arrive on site at the Tui Area Development in mid-April.

This event is a key milestone for the on-time delivery of the Tui Area Development.

The Tui Area Development is located within PMP 38158, in the Taranaki basin, approximately 50 kilometers offshore of the west coast of the North Island of New Zealand. First oil is expected from the development by June 30, 2007, and when fully commissioned, a production rate peaking at 50,000 bopd is anticipated.

Participants in PMP 38158 are:

--AWE * (Operator) 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%
* New Zealand Overseas Petroleum Pty Ltd (22.5%) AWE New Zealand Pty Limited (20.0%)

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