SYDNEY, Australia -- Australian Worldwide Exploration Ltd (AWE) has finalized its Tui reserves review and has increased the initial proven and probable (2P) oil reserves to 50.1 MMbbl from 47 MMbbl.
Total field production to June 30, 2008, is predicted to be 14.2 MMbbl. Production since June 1 has averaged 42,500 b/d of oil.
An additional development well and several near field exploration wells are planned for early 2010. These exploration wells could be tied back to theUmuroa if successful.
AWE is the operator with 42.5% interest. Mitsui E&P Australia Pty Ltd. holds 35%, Stewart Petroleum Company Ltd. ("New Zealand Oil & Gas") holds 12.5%, and WM Petroleum Ltd. ("Pan Pacific Petroleum NL") holds 10.0% percent interest.