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Australia’s AWE farms out interest in New Zealand exploration

JAKARTA (RambuEnergy.com) – AWE Limited (ASX: AWE), an Australian oil and gas company, has entered into a farmout agreement for New Zealand exploration permit PEP55768 (AWE 51%, Operator), onshore Taranaki basin, which includes the planned Kohatukai-1 well. PEP55768 is located southeast of New Plymouth in a prolific gas-producing region and contains a number of substantial prospects.

The current joint venture partners in PEP55768 are AWE, with a 51% operating interest, and
Mitsui E&P Australia (Mitsui), with a 49% interest.

AWE said in a statement that the agreement will see the joint venture farm down a combined 50% working interest to New Zealand Oil & Gas and its majority shareholder, O.G. Oil & Gas (Singapore) Pte. Ltd. Each incoming company will acquire a 25% working interest in the permit. At completion of the farmout, AWE will remain as Operator with a 12.5% interest and Mitsui will retain a 37.5% interest.

The effective date is 1 March 2018 and completion is expected by the end of May 2018, subject
to regulatory approvals.

The Kohatukai-1 well is scheduled to be drilled in the fourth quarter of CY 2018 to test dual
objectives in the Eocene Matapo and Mangahewa sands targeting a prospect that is analogous to
the nearby Pohokura Gas Field.

The current joint venture partners in PEP55768 are:
– AWE Limited (via subsidiaries) (Operator) 51%
– Mitsui E&P Australia 49%
(*)

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