MINE: NZO: Tui SW-2 Exploration Well Disclosure Notice

3 Jun 2010 12:03 pm

NZO 03/06/2010 MINE

REL: 1203 HRS New Zealand Oil and Gas Limited

MINE: NZO: Tui SW-2 Exploration Well Disclosure Notice

3 June 2010

New Zealand Oil & Gas Limited (NZOG) advises that at 0600 hours today, the Tui SW-2 well was preparing to run the BOP's (Blow Out Preventers). This has been delayed because necessary repairs were held up by bad weather over the last week. After the BOP's are operational, the forward plan is to drill ahead in 8-1/2" hole from 1,573 metres to a total depth of 3,725 metres.

The Tui SW prospect is located in mining licence PMP 38158 in the offshore Taranaki Basin and is adjacent to the producing Tui oilfield.

At the conclusion of drilling, Tui SW-2 will be cased and suspended as a possible future gas injection well.

Kahu-1, to the east of the Tui oilfield, will be drilled immediately following Tui SW-2.

Participants in Tui SW-2 and PMP 38158 are:

New Zealand Oil & Gas Ltd (through its subsidiary Stewart Petroleum) 12.5% AWE Limited (Operator) 42.5% Mitsui E&P Australia Pty Limited 35.0% Pan Pacific Petroleum NL (through its subsidiary WM Petroleum Ltd) 10.0% End CA:00195722 For:NZO Type:MINE Time:2010-06-03:12:03:22

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