OilVoice - AWE Announces Exploration Opportunities Offshore Taranaki New Zealand

AWE Announces Exploration Opportunities Offshore Taranaki New Zealand

Thursday, March 11, 2010

AWE Limited is seeking partner(s) to farm-in to the following projects offshore Taranaki, New Zealand, close to an existing discovery:

Project 1: Tuatara License PEP 38524
Tuatara is analogous to the recently developed Maari Field, a 100 mmbbl oil prospect targeting a c.700 m sequence of stacked Miocene age turbidite fan sands in a 10 km2 pure dip closure.

Seismic shows effects of a gas cloud and enhanced amplitudes comparable to those seen at Maari (80 mmbbl, currently producing c. 35,000 bbl/day).

Water depth is 50 m and the well, to be drilled with the Kan Tan IV in May 2010, is budgeted at US$18m, and will be drilled to TD at 2030 m with top of the target sequence at 850 m.

Participation is offered in return for contribution to the first well on a geared basis.

Project 2: The Bahamas play License PEP 38483
The Bahamas play targets biogenic gas in a series of slope fans in a Pleistocene delta system that prograded very rapidly to form the western margin of the Taranaki shelf.

Over 10 Tcf potential is recognised and supported by extensive amplitude and AVO anomalies.

Target depths are of order 1000m in 300m of water and drilling costs are estimated at US$18m.

Between 30 and 50% equity in the permit is offered in return contribution on a two to one basis through the first well.