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AWE brings in two partners for Tuatara-1
4 June 2010 - Sydney-based oil explorer AWE Ltd has brought in two partners Kea Petroleum and Roc Oil as partners for the drilling of the Tuatara-1 well near D’Urville Island in the next few months.
Sources: AWE, Kea, Roc and Lindsay Clark
Tuatara-1 will be the last of the four AWE-led offshore wells drilled in New Zealand using the Kan Tan IV rig.
AWE said Roc Oil would take up a 15% interest in PEP 38524 and Kea 10%, leaving operator AWE with the remaining 75% stake.
The entry of the two new parties follows the grant in April of the necessary resource consents that will allow the drilling of Tuatara-1 after the two Tui field appraisal wells Tui SW-2 and Kahu-1.
Tuatara-1 is targeting Moki sands in a closure that is analogous to the Maari Field, 80 km to the northwest. The well will be drilled to a total depth of approximately 2,000 m in 50 m of water and has indicative potential of 80 - 100 million barrels of recoverable oil.
Kea said it has successfully raised gross proceeds of UK£7 million through a share placement which will finance its share of the Tuatara-1 drilling commitment.
