Tui recoverable reserves downgraded

Operator AWE Ltd. has pegged recoverable reserves at the Tui fields through existing infrastructure to be 40-42 MMbbl, down from the initial estimate of 50.5 MMbbl.

Pennwell web 430 373

Offshore staff

NORTH SYDNEY, Australia – Operator AWE Ltd. has pegged recoverable reserves at the Tui fields through existing infrastructure to be 40-42 MMbbl, down from the initial estimate of 50.5 MMbbl.

AWE noted that there is additional infill drilling potential and that plans to develop them are being considered.

Tui area participants are AWE Ltd., 42%; Mitsui E&P Australia Pty Ltd, 35%; Stewart Petroleum Co Ltd. (NZOG), 12.5%; and Pan Pacific Petroleum through its subsidiary WM Petroleum Ltd, 10%.

Pennwell web 430 373

Tui field is in Taranaki basin, 50 km (31 mi) offshore New Zealand’s North Island.


07/25/2011

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