AWE Spuds Taranui-1

AWE Ltd ("AWE") reports that at 0600 hours today, the Taranui-1 well was cementing 30" casing at a depth of 227 meters, after starting drilling operations at 0630 hours on August 20, 2007.

During the week, the Hector-1 was plugged and abandoned and the Ocean Patriot rig was moved to the Taranui-1 location in PMP 38158.

The Taranui prospect is located in PMP 38158, approximately 15 kilometers north east of the Tui Area Oil Project. Taranui -1 is being drilled in a water depth of 121 meters and has the potential to contain in excess of 15 million barrels of recoverable oil. The well has a planned total depth of approximately 3,900 meters.

Participants in PMP 38158 are:

AWE * (Operator) 				42.5%
Mitsui E & P New Zealand Limited 		35.0%
Stewart Petroleum Company Ltd 		12.5%
("New Zealand Oil & Gas") 
WM Petroleum Ltd 				10.0%
("Pan Pacific Petroleum NL") 
* New Zealand Overseas 
Petroleum Pty Ltd 				(22.5%)
AWE New Zealand Pty Limited 		(20.0%)

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