AWE Completes New Zealand Seismic Campaign

Australian Worldwide Exploration has successfully its first international offshore seismic campaign as Operator.

AWE acquired three seismic surveys in the Western Taranaki Basin, offshore New Zealand on behalf of joint ventures which include companies such as Shell, Mitsui, OMV and others. The seismic was acquired using the 3D Seismic vessel Veritas Viking II, which will now leave New Zealand.

The 3 surveys were:

PEP 38460
The 80 square kilometer Pateke North 3D seismic survey on behalf of Transworld, Mitsui, New Zealand Oil & Gas and Pan Pacific Petroleum;

PEP 38483
The 420 square kilometer Hector 3D survey on behalf of Mitsui, New Zealand Oil & Gas and Pan Pacific Petroleum; and

PEP 38481
The 300 kilometer West Cape 2D survey on behalf of Shell Exploration, OMV New Zealand and Todd Petroleum Company.

The campaign was completed without any adverse safety incidents, under time and under budget.

Commenting on the campaign, AWE's Managing Director Mr. Bruce Phillips said:

"AWE only chooses to be an Operator where such a role can add value for our shareholders.

"The fact that three separate joint ventures, including companies of the calibre of Shell, Mitsui and OMV, considered AWE an acceptable Operator for this seismic campaign is pleasing.

"However, what is more important is that as a whole, the campaign was completed safely, ahead of time and under budget.

"Results of the seismic acquisition will help define additional potential in the Tui development area, as well as delineate prospects identified by AWE in PEP 38483 (Hector) and PEP 38481 (West Cape)."