Overview of Projects

The Tui oil project began commercial production on July 30, 2007. During the year the field exceeded expectations, producing a total of 14.2 million barrels. Proven and Probable (2P) oil reserves were increased to 50.1 million barrels as a result of the strong field performance and the extension of the FPSO term. The next phase of drilling in the Taranaki basin, incorporating development, appraisal and exploration targets, is currently planned to start in 2009.

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The Casino gas project again generated strong gas output in the year with the fi eld reaching a cumulative production milestone of 100 PJ during the June quarter. The project achieved gross gas sales of 40 PJ during the year, marginally above the contracted rate. The adjacent Henry gas project was sanctioned for development utilising the existing infrastructure in the region. First gas production is currently planned from the field in the first half of 2009.

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The Cliff Head oil project averaged 8,236 bopd for the year, marginally down on the previous corresponding period. The fall was due to natural field decline which was partially offset by a pump replacement programme. Stronger oil prices improved the project return, despite the slight reduction in oil sales. Following implementation of the merger with ARC, AWE’s share of the Cliff Head oil project will rise from 27.5% to 57.5%.

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The BassGas project continued commercial production with gross gas output of 18.4 PJ in the year, marginally below contract and budgeted rates. Associated liquid recovery rates have improved during the year, with the onshore plant reaching design capacity, with full liquid recovery achieved at the end of the fi nancial year. Following implementation of the merger with ARC, AWE’s share of the BassGas project will rise from 30% to 42.5%.

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