Originally Posted by
sideline
AWE have just announced the following on the ASX:
TUI FPSO charter extended to 2022
Fixed term of the charter has been extended to 2015, thereafter 7 one year options.
This will allow to extract an additional 5 m barrels from TUI, bringing current 2P to 47m barrels.
Production remains near 45k barrels/day, despite increasing water cut.
Modifications of FPSO are considered to increase total handling capacity.
TUI reserves are still being reviewed, results out during June '08.
AWE up 2.8% currently.