MINE: NZO: Tui SW-1 Exploration Well Disclosure Notice

6 May 2010 11:51 am

NZO 06/05/2010 MINE

REL: 1151 HRS New Zealand Oil and Gas Limited

MINE: NZO: Tui SW-1 Exploration Well Disclosure Notice

NZOG (New Zealand Oil & Gas Ltd) advises that the Kan Tan IV drilling rig started drilling the Tui SW-1 well at 1000 hours on 2 May 2010. At 0600 hours today (NZ time) the well was at a measured depth of 1,505 metres, where 13-3/8" casing was being run and cemented, as planned.

The Tui SW-1 well is located in mining licence PMP 38158 in the offshore Taranaki Basin, approximately 85 kilometres from New Plymouth.

The Tui SW-1 well is testing the Kapuni F10 Sand, which has proved productive at the adjacent Tui oilfield. The well is planned to be drilled to a total depth of approximately 3,900 metres. At the conclusion of drilling, Tui SW-1 will be cased and suspended as a possible future gas injection well.

A second well, Kahu-1, is to be drilled immediately following Tui SW-1.

Participants in Tui SW-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:00194584 For:NZO Type:MINE Time:2010-05-06:11:51:24

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