New Zealand

Exploration

The operator, AWE, has completed an assessment of remaining exploration potential based on reprocessed 3D seismic data which included inversion studies. After due consideration, the JV have agreed to drill the Oi prospect planned for Q1 2014. This is a 4-way dip closure similar to the structures at the Tui, Amokura and Pateke Fields, which is estimated by PPP to contain mean recoverable prospective resources of 15 million barrels of oil. In the event of a commercial discovery the field will be produced by connecting to the Tui FPSO and using its spare capacity at relatively low incremental operating costs. PPP has increased its participating interest in the Oi exploration well to 50% pursuant to the Sole Risk provisions of the Tui Joint Venture Operating Agreement. AWE and NZOG have elected to participate in the Oi exploration well at reduced participating interest levels of 31.25% and 18.75% respectively, but in the case of success have the option to restore their full Tui participation equity by reimbursing pro rata costs and paying a buy-back premium to PPP.

Tui

 

The Tui Area