Pukeko-1 Encounters More Oil Shows

Australian Worldwide Exploration reports that Pukeko-1 is at its total depth of 4,191 meters and pulling the drill bit out of the hole prior to running wireline logs.

Since yesterday's report, good oil shows and elevated gas readings have continued in association with intervals of increased drilling rates (drill breaks). These oil shows have now been recorded intermittently over a gross interval of 105 meters from 4,055 meters to 4,160 meters.

The forward plan is to run wireline logs to evaluate the commercial significance of these shows. We anticipate that wireline logs will be available over the next two days.

Participants in PEP 38460 offshore New Zealand are:

AWE New Zealand Pty Ltd: 20.0%
New Zealand Overseas Petroleum Limited (operator): 45.0%
Mitsui E&P New Zealand Limited: 12.5%
Stewart Petroleum Company Limited: 12.5%
WM Petroleum Limited: 10.0%