MINE: NZO: Hoki Exploration Well Disclosure Notice

12 Apr 2010 12:09 pm

NZO 12/04/2010 MINE

REL: 1209 HRS New Zealand Oil and Gas Limited

MINE: NZO: Hoki Exploration Well Disclosure Notice

NZOG (New Zealand Oil & Gas Ltd) advises of a progress report on drilling of the Hoki-1 exploration well.

The Kan Tan IV drilling rig resumed operations last week, having previously drilled to 1,505 metres and set casing. At 0600 hours (NZ Time) today, the well was at a measured depth of 2,132 metres and was drilling ahead.

The Hoki-1 well is located in exploration permit PEP 38401 in the offshore Taranaki Basin.

It lies approximately 135 kilometres west of New Plymouth and in water depth of approximately 330 metres.

Hoki-1 is targeting the oil potential of the Cretaceous North Cape reservoir sequence and the underlying Wainui sandstones. The well is planned to be drilled to a total depth of approximately 3,570 metres.

Participants in Hoki-1 and PEP 38401 are: AWE (Operator) 50% New Zealand Oil & Gas Ltd (through its subsidiary Petroleum Resources Ltd) 10% OMV New Zealand Pty Ltd 21.25% Todd Petroleum Mining Company Ltd (Todd Energy) 18.75% End CA:00193628 For:NZO Type:MINE Time:2010-04-12:12:09:46

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