Announcement
GENERAL: NZO: Tui reserves assessment still underway
10:36am
NZO
30/05/2008
GENERAL
REL: 1036 HRS New Zealand Oil and Gas Limited
GENERAL: NZO: Tui reserves assessment still underway
Having become aware of an Australian news report which speculated on a Tui
reserves upgrade, New Zealand Oil & Gas Ltd advises that at this time the
proven and probable reserves (2P) for the Tui Area Oil Fields are 47 million
barrels and a further reserves reassessment of the Tui is still to be
completed.
The 2P reserves were increased to 47 million barrels on 21 May 2008, as a
result of an extension of the charter for the Floating Production Storage and
Offloading (FPSO) vessel, "Umuroa".
The field operator, AWE, on behalf of the joint venture, is continuing to
review the Tui reserves. This review was initiated in March because of the
continued strong production performance of the reservoirs.
An announcement will follow the completion and consideration by the joint
venture of the review. At this stage, NZOG expects that this will be
completed by around the end of June 2008.
ENDS
Participants in Tui Area Oil Fields are:
New Zealand Oil & Gas Ltd (through its subsidiary Stewart Petroleum Co. Ltd)
12.5%
AWE * (Operator)
42.5%
Mitsui E & P Australia Pty Ltd
35.0%
Pan Pacific Petroleum NL (through its subsidiary WM Petroleum Ltd)
10.0%
* New Zealand Overseas Petroleum Pty Ltd (22.5%)
AWE New Zealand Pty Limited (20.0%)
End CA:00165409 For:NZO Type:GENERAL Time:2008-05-30:10:36:26
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