MINE: NZO: Kahu-1 Exploration Well Disclosure Notice

19 Jul 2010 9:34 am

NZO 19/07/2010 MINE

REL: 0933 HRS New Zealand Oil and Gas Limited

MINE: NZO: Kahu-1 Exploration Well Disclosure Notice

NZOG (New Zealand Oil & Gas Ltd) advises that as at 0600 hours today (NZ time) plug and abandonment operations were starting at the Kahu-1 exploration well.

Wireline logs were acquired after reaching a total measured depth of 3,835 metres.

The targeted Kahu valley feature was located as prognosed but was not reservoir quality sandstone. No significant hydrocarbons were found.

The Kahu-1 well was an exploration well within PMP 38158, located approximately 3 kilometres east of the producing Tui oil field.

At the conclusion of operations at Kahu, the Kan Tan IV drilling rig will be released to the joint venture drilling the Tuatara-1 exploration well.

Participants in Kahu-1 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:00197384 For:NZO Type:MINE Time:2010-07-19:09:34:07

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