AWE Says Primary Target at Hector-1 Dry

AWE says that the Hector-1 well is drilling ahead at a measured depth of 3,110 meters. The primary target of the well, the Kapuni "C" Sand, has been intersected without encountering any significant hydrocarbon shows. Progress for the week was 1,604 meters. The well will be drilled to its planned total depth of 3,870 meters to evaluate the remaining section above basement.

Hector-1 is the first well in a four well exploration program to be undertaken by AWE in the offshore Taranaki basin. After Hector-1, the Taranui-1, West Cape-1 and Kopuwai-1 wells are planned to be drilled in a continuous campaign, which is one of the largest exploration programs ever undertaken in New Zealand.

Particpants in PEP 38483 are AWE as operator with 44.317%; Mitsui E&P New Zealand with 22.728%; Stewart Petroleum (New Zealand Oil & Gas) with 18.864% and WM Petroleum (Pan Pacific Petroleum) with the remaining 14.091%.

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