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Market: ASX
Sector: Oil and Gas Exploration and Production
Epic: ASX:AWE
News: Latest news
Web Site: Australian Worldwide Exploration
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Australian Worldwide Exploration

Australian Worldwide Exploration

Australian Worldwide Exploration Limited (ASX:AWE) is an Australian based oil and gas exploration and production company.  Following the merger with ARC Energy in August 2008, AWE gained additional equity in the BassGas and Cliff Head projects and further production interests in the onshore Perth Basin. AWE also added equity interests in some prospective exploration permits and shareholdings in the listed oil and gas explorers, Buru Energy Limited (AWE 15%) and Adelphi Energy Limited (AWE 34%).

Thursday, January 08, 2009

AWE's Tui oil production hits 20 million barrels

by Proactive Investors company news image

The Tui area oil field in New Zealand’s offshore Taranaki basin reached another significant milestone today, with the production of the 20 millionth barrel of Tui oil.

The Tui area oil field is operated by a joint venture comprising Australian Worldwide Exploration Limited (42.5% and Field Operator), Pan Pacific Petroleum NL (10%),  Mitsui Ltd (35%), and New Zealand Oil & Gas Limited (12.5%).

In early 2006, AWE acquired 42.5% in the Tui Area oil project and some additional oil exploration acreage in the offshore Taranaki basin. The Tui Area oil project started producing on July 30, 2007 and by December 2008 had produced approximately 19.5 million barrels of oil.


The achievement comes less than eighteen months after production began on 30 July 2007. The Tui area oil field includes three producing reservoirs, Tui, Amokura and Pateke and lies 50km off the Taranaki coast.

When the investment decision was taken by the joint venture, the proven and probable (2P) reserves were estimated to be 26.8 million barrels (MMbbls). With the outstanding performance of the fields and the assessment of new information from the production process, this initial reserve figure has been upgraded several times and is currently 50.1 mmbbls. With 20 MMbbls produced to date, remaining 2P reserves are approximately 30 MMbbls – meaning that the estimated amount of recoverable oil remaining is still higher than the original total 2P reserve figure.

Strong oil revenues - September 2008

For the September 2008 quarter, AWE's Oil and gas production was 2.52 million Barrels of oil (equivalent). Revenue was $252 million, close to a Company record. The merger with ARC Energy completed on August 25, 2008 with production and revenue contributing immediately to AWE group results.

Net cash reserves were $283 million at the end of the quarter following the ARC merger.

AWE was trading at $2.66.

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