AWE Limited
(ASX:AWE) says there is more oil potential in its New Zealand based joint venture in the Tui oil fields, 50km off the coast of Taranaki, New Zealand.
The boost in reserves attributable to the Pateke-4H well comprises of an estimated 2.4 million barrels to be split between two other partners. New Zealand Oil and Gas has a 27.5 per cent interest, Pan Pacific Petroleum a 15 per cent stake with AWE as operator with a 57.5 per cent share.
The current estimates will be reviewed and updated once the well is in production, hoped to be during the second half of this year.
Current oil prices will have a huge effect on the extension of the economic lift of the Tui area fields with a return to higher oil prices essential during the extraction life of the well.
AWE Limited reported a net profit of $62.5 million for the 2014 financial year.
