AWE Ltd

ASX release

First oil from Tui field

* The first commercial oil has flowed from AWE Ltd’s Tui Area Development, in New Zealand’s offshore Taranaki basin.

* The final capital cost for the project is estimated to be US$269 million or approximately 10% above expectation.

* The project will produce at a peak rate of 50,000 barrels of oil per day and produce approximately 10 million barrels in the first year.

* Oil production began just 19 months from the joint venture’s decision to proceed with development

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ENDS