AWE Works with New Zealand Authorities on Taranaki Incident

AWE Ltd., as operator of the Tui Area Oil Project, has been informed by New Zealand authorities that degraded oil, in the form of tar balls, has washed up on a stretch of beach on the country's Taranaki coast.

AWE is working closely with New Zealand authorities, including Maritime New Zealand and the Taranaki Regional Council, to identify the nature and source of the oil.

AWE, has been asked for and supplied, a sample of Tui crude to Maritime New Zealand for analysis and comparison with the degraded oil washed up on the coast. Taranaki Regional Council, which is coordinating the cleaning of the beach, has collected approximately six cubic meters of oil-contaminated sand, understood to be the majority of the affected area.

The Tui area oil project lies approximately 60 kilometers from the affected Taranaki coastline.

AWE is the operator of the Tui Area Oil Project with 42.5% interest. Partners in the project are Mitsui E&P Australia Pty Ltd. with 35%, Steward Petroleum Company Ltd. with 12.5% and WM Petroleum Ltd. with 10%.