Australia's Tui fields' reserves review has been finalized and AWE announces an increase in the initial proven and probable (2P) reserves to 50.1 million barrels, an increase from the previous estimate of 47 million barrels.
This increase is consistent with the strong field performance since commencement of
production on July 31, 2007. Total field production from that date until end of the financial year
on June 30 is now forecast to be 14.2 million barrels. Production for the 2008/9 financial year
is forecast to be 9 million barrels.
Production since June 1 has averaged 42,500 barrels per day.
An additional development well and several near field exploration wells are planned for early
2010. These exploration wells could be tied back to the Umuroa if successful.
Participants are operator AWE with 42.5%, Mitsui E & P Australia Pty Ltd with 35.0%, Stewart Petroleum Company Ltd (New Zealand Oil & Gas) with 12.5% and WM Petroleum Ltd (Pan Pacific Petroleum NL) with 10.0%.
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