MINE: NZO: Hoki Exploration Well Disclosure Notice

16 Apr 2010 11:33 am

NZO 16/04/2010 MINE

REL: 1133 HRS New Zealand Oil and Gas Limited

MINE: NZO: Hoki Exploration Well Disclosure Notice

NZOG (New Zealand Oil & Gas Ltd) advises that at 0600 hours (NZ Time) today, the Hoki-1 well was at a measured depth of 3,428 metres and was drilling ahead.

The Hoki-1 well is located in exploration permit PEP 38401 in the offshore Taranaki Basin and is being drilled by the Kan Tan IV semi-submersible drilling rig.

The Hoki-1 well intersected the target North Cape Formation sands overnight, but these were not associated with any indications of hydrocarbons.

It is expected that over the next 24 hours the upper part of the Wainui Formation will be intersected. The well is planned to be drilled to a total depth of approximately 3,570 metres.

Following the completion of operations at the Hoki-1 well, the Kan Tan IV will be used to drill at least two wells in the area surrounding the existing oil fields at Tui, where NZOG is a 12.5% partner.

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:00193833 For:NZO Type:MINE Time:2010-04-16:11:33:11

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