Tui Field: reserves growth to 50.1 million barrels
AWE LTD ANNOUNCEMENT
TUI FIELDS UPDATE
AWE announces further reserves growth to 50.1 million barrels (from 47mmboe)
2008 earnings forecast increased to $630 million (from $550 million)
The Tui fields’ reserves review has been finalized and AWE announces an increase in the initial proven and probable (2P) reserves to 50.1 million barrels, an increase from the previous estimate of 47 million barrels.
This increase is consistent with the strong field performance since commencement of production on 31st July 2007. Total field production from that date until end of the financial year on 30th June is now forecast to be 14.2 million barrels. Production for the 2008/9 financial year is forecast to be 9 million barrels.
Production since 1st June has averaged 42,500 barrels per day.
An additional development well and several near field exploration wells are planned for early 2010. These exploration wells could be tied back to the Umuroa if successful.