Kan Tan iV to spud Taranaki basin well

AWE Ltd. says the Kan Tan VI drilling rig is on location and preparing to spud the Tui SW-1.

Offshore staff

PERTH, Western Australia -- AWE Ltd. says the Kan Tan IVdrilling rig is on location and preparing to spud the Tui SW-1, the first of two exploration wells planned in PMP 38158 near the Tui oil field offshore New Zealand in the Taranaki basin.

The Tui SW-1 targets the Kapuni F10 sand which is the producing horizon in the Tui oil field. TD is planned at about 3,900 m (12,795 ft). A successful discovery will be cased and suspended as a future gas injection well.

The second well in the program, the Kahu-1, is scheduled to start immediately following completion of the Tui SW-1, says AWE.

Participants in PMP 38158 are WM Petroleum Ltd. (10%), AWE Ltd (42.5%), Mitsui E&P Australia Pty Ltd. (35%), and Steward Petroleum Co Ltd. (12.5%).

04/30/2010

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