OIL at HUINGA

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    Hasn't excited market too much but it does look promoising. BLO holds 25% AWE 12.5%.

    OIL SHOWS AT AWE'S HUINGA-1B

    Australian Worldwide Exploration Limited, on behalf of its
    wholly-owned subsidiary, AWE New Zealand Pty Limited, ("AWE'),
    advises that, as at 0600 hours, 26 June, Huinga-1B was at a total
    depth of 4,500 metres and was conditioning the hole prior to resuming
    logging operations.

    During the week, the hole drilled through the overthrust block into
    Kapuni Group sediments, which were one of the objectives. Several
    sandstone beds, which are interpreted to be fractured, were
    intersected within a gross 120 metre section of sediments. Good oil
    shows were recorded to total depth, indicating a gross column of at
    least 247 metres of good shows below 4,263 metres.

    During logging operations, the tools were unable to pass below 4371
    metres. The hole is currently being cleaned out so that logging can
    continue. During the logging and hole cleaning operations a
    significant amount of waxy crude oil was recovered at the surface,
    indicating influx of oil into the hole.

    The forward plan is to complete logging operations and based on this
    data, decide on any further evaluation including possible testing.

    The Huinga prospect is located on the prospective eastern margin
    trend in the Taranaki Basin, New Zealand, north of the recently
    drilled Makino-1. The prospectivity of this trend has been
    established by the Rimu and Kauri discoveries, and further enhanced
    by the results of the Makino-1. Huinga-1B is being directionally
    drilled from the existing Huinga 1/1A well bore, to target the Tariki
    sandstones and Kapuni Group sandstones at a location approximately
    550 metres west of the Huinga wellsite.

    AWE holds a 12.5% interest in PEP 38716 and has been carried through
    a major portion of the cost of drilling Huinga-1B. After the well has
    been drilled, participants in PEP 38716 will be:

    AWE New Zealand Pty Limited 12.50%
    Marabella Enterprises Limited (Bligh), operator 25.00%
    Preussag Energic GmbH 24.00%
    Swift Energy NZ Limited 15.00%
    Indo Pacific Energy (NZ) Limited 7.30%
    Euro Pacific Energy Pty Ltd 6.60%
    PEP 38716 Limited 5.00%
    Springfield Oil and Gas Limited 4.60%

 
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