Tui FPSO Umuroa contract extended

Prosafe Production, owner and operator of the FPSO Umuroa, has extended the charter of the FPSO through Dec. 31, 2022 for the Tui area oil project in the Taranaki basin.

Offshore staff

SYDNEY, Australia -- Prosafe Production, owner and operator of the FPSO Umuroa, has extended the charter of the FPSO through Dec. 31, 2022 for the Tui area oil project in the Taranaki basin.

The charter's fixed-term ends on Dec. 31, 2015, followed by seven one-year options to extend the contract through Dec. 31, 2022.

The anticipated detailed Tui field re-assessment was undertaken resulting in an increase in the initial proved and probable reserves from 47 to 50.1 MMbbl of oil.

Tui field operators are AWE New Zealand Pty with 42.5%, Mitsui E & P New Zealand with 35%, New Zealand Oil & Gas Ltd. with 12.5%, and Pan Pacific Petroleum NL with 10%.

07/31/2008

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