AWE : Farms Out Interest in NZ Exploration Permit

ASX Announcement

9 April 2018

AWE farms out interest in New Zealand exploration permit and upcoming Kohatukai-1 exploration well

AWE Limited (ASX: AWE) has entered into a farmout agreement for New Zealand exploration permit PEP55768 (AWE 51%, Operator), onshore Taranaki basin, which includes the planned Kohatukai-1 well. PEP55768 is located southeast of New Plymouth in a prolific gas producing region and contains a number of substantial prospects.

The current joint venture partners in PEP55768 are AWE, with a 51% operating interest, and Mitsui E&P Australia (Mitsui), with a 49% interest. The agreement will see the joint venture farm down a combined 50% working interest to New Zealand Oil & Gas and its majority shareholder, O.G. Oil & Gas (Singapore) Pte. Ltd. Each incoming company will acquire a 25% working interest in the permit. At completion of the farmout, AWE will remain as Operator with a 12.5% interest and Mitsui will retain a 37.5% interest.

The effective date is 1 March 2018 and completion is expected by the end of May 2018, subject to regulatory approvals.

The Kohatukai-1 well is scheduled to be drilled in the fourth quarter of CY 2018 to test dual objectives in the Eocene Matapo and Mangahewa sands targeting a prospect that is analogous to the nearby Pohokura Gas Field.

The current joint venture partners in PEP55768 are:

AWE Limited (via subsidiaries) (Operator) 51%

Mitsui E&P Australia 49%

About AWE Limited

AWE Limited is an Australian energy company focused on upstream oil and gas opportunities. Established in 1997 and listed on the Australian Securities Exchange (ASX: AWE), the company is headquartered in Sydney with an office in Perth. AWE has a portfolio of production, development and exploration assets in Australia, Indonesia and New Zealand.

For information please see our websitewww.awexplore.com or contact:

David Biggs Matt Sullivan

CEO and Managing Director AWE Limited 02 8912 8000

Investor Relations & Corporate Affairs AWE Limited 02 8912 8022matthew.sullivan@awexplore.com

ENDS

AWE LIMITED LEVEL 12, SUITE 1201, 100 PACIFIC HIGHWAY NORTH SYDNEY NSW 2060 AUSTRALIA

P +61 2 8912 8000 F +61 2 9460 0176 Eawe@awexplore.com ABN 70 077 897 440 www.awexplore.com