AWE's Taranui-1 Well to be Abandoned

AWE says that the Taranui-1 well is being plugged and abandoned and at 0600 hours today was completing operations prior to the release of the drilling rig from the Taranui location.

During the week, a comprehensive suite of wireline logs were successfully completed, including pressure testing and fluid sampling of both the Kapuni F and D Sands. A small volume of oil was recovered from the Kapuni D sands during this sampling program. The data is still being reviewed, but initial indications are that these zones will not be commercially significant.

Following completion of the abandonment operations at Taranui, the rig will move to commence operations on West Cape-1 in PEP 38481.

Participants in PMP 38158 are:

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

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