AWE told the ASX yesterday afternoon that it had completed its buyout of the former Transworld Oil subsidiary. It had moved to 100% ownership of NZOP by issuing 48.66 million new AWE shares to New Zealand Overseas Petroleum (Holdings) Limited, through which Transworld gains an 11% interest in AWE.

NZOP had held 45% of PMP38158, which includes the Tui Area Oil Project, and the Hector South Sub Block of PEP38483, a petroleum exploration permit adjacent to the Tui Area. AWE has onsold half of this to Mitsui, giving both companies an extra 22.5% in the Tui and Hector blocks.

NZOP principal John Deuss has joined the AWE board, with NZOP executive director Tim Ulrich acting as an alternate director to Deuss.

The PMP38158 participants are now: operator AWE Group (42.5%), Mitsui E&P New Zealand (35%), New Zealand Oil & Gas (12.5%), and Pan Pacific Petroleum (10%).

AWE is now in partnership with Mitsui subsidiaries in each of its four "cornerstone" projects - Tui, BassGas, Casino and Cliff Head.