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

27 May 2010 12:14 pm

NZO 27/05/2010 MINE

REL: 1214 HRS New Zealand Oil and Gas Limited

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

NZOG (New Zealand Oil & Gas Ltd) advises that at 0600 hours today, the Tui SW-2 well was at a measured depth of 1,573 metres after running and cementing 9-5/8" casing.

The forward plan is to drill an 8-1/2" hole to a total planned depth of approximately 3,725 metres.

The Tui South West prospect is located in mining licence PMP 38158 in the offshore Taranaki Basin, approximately 85 kilometres from New Plymouth.

The Tui SW-2 well is testing the Kapuni F10 Sand, which has proved productive at the adjacent 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-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:00195421 For:NZO Type:MINE Time:2010-05-27:12:14:52

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