AWE Estimates Tui FPSO Contract Extension Will Yield 5MM Barrels of Oil

A three-year extension to the charter for New Zealand's Tui oil field's FPSO vessel Umuroa will allow at least five million barrels more oil to be recovered from the field, operator AWE Ltd reported.

AWE estimates the extension to the contract with Umuroa owner and operator Prosafe will bring the proven and probable reserve from known Tui reservoirs to at least 47 million barrels.

The fixed term of the charter has been extended by 3.4 years to the end of 2015. A further seven, one-year options to extend, will give a maximum term of 15.4 years from the date of first production July 2007.

AWE says the four existing Tui field production wells continue to perform strongly. Oil production on the Umuroa has remained at close to 45,000 barrels a day despite rising water production.

Studies into modifications to the Umuroa to increase water handling capacity to 150,000 barrels a day and to accommodate the planned Tui 4H production well for 2009, are under way.

The cost of the charter for the financial year ending June 30, 2009, is forecast to be approximately US$61 million with the rate reducing annually.

A review of the Tui reserves by AWE is expected to be completed soon.

Meanwhile in the AWE March quarter report the company says initial interpretation of the Hoki prospect in offshore Taranaki PEP 38401 confirms a substantial closure, which could be drilled using the rig Kan Tan IV in late 2009. AWE is operator of the permit with a 50% interest.

Interpretation of the Toke seismic survey In PEP 381202, immediately west of the Maui field and south of Tui is also under way with emphasis on the Toke and Matuku prospects.

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