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AWE has successfully completed the tie-back of well offshore of New Zealand

Australia’s AWE Limited (ticker: AWE) announced that it has completed the subsea tie-back and installation to connect the Pateke-4H development well to the Tui area oil fields gathering system. The company began flow testing the well to determine the optimal well settings.

According to the company’s press release, the well recorded an initial unstabilized flow rate of 34 MBOPD at 67% choke and a 48% water cut, which the company says is in line with field modelling. AWE plans to stabilize the well at a much lower flow rate in order to maintain long-term production.

Bruce Clement, AWE Managing Director, said, “The successful tie-back and commissioning of the Pateke-4H well represents the final stage of development for the Tui project, which has been a cornerstone production asset for AWE for almost a decade.” Clement also added that the project is expected to boost near-term production and cash flow without additional operating costs.awe

The Pateke-4H subsea tie-back and installation project commenced on March 5, 2015. The project involved the installation of 1,312 meters (4,304 feet) of flexible flow line, a gas lift umbilical and production manifold, integrated controls and ancillary equipment in water depths of about 124 meters (406 feet).

The Tui area oil fields comprise of the Tui, Amokura and Pateke fields which are located approximately 50 kilometers (31 miles) off the coast of Taranaki, New Zealand. Production from each field is fed into the Tui field gathering system and then into the FPSO vessel, the “Umuroa.”

AWE has a 57.5% operator’s interest in the Tui area fields with partners New Zealand Oil & Gas (27.5%) and Pan Pacific Petroleum (15.0%).

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Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. This note is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument of any company mentioned in this note. This note was prepared for general circulation and does not provide investment recommendations specific to individual investors. All readers of the note must make their own investment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Investors should consider a company’s entire financial and operational structure in making any investment decisions. Past performance of any company discussed in this note should not be taken as an indication or guarantee of future results. EnerCom is a multi-disciplined management consulting services firm that regularly intends to seek business, or currently may be undertaking business, with companies covered on Oil & Gas 360®, and thereby seeks to receive compensation from these companies for its services. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. As a result, readers of EnerCom’s Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this note. EnerCom, or its principals or employees, may have an economic interest in any of the companies covered in this report or on Oil & Gas 360®. As a result, readers of EnerCom’s reports or Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.