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Indo Pacific plans IPO

Monday 17th November 2003

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One of New Zealand's most active oil and gas explorers,Indo-Pacific Energy Ltd, has confirmed it intends to raise $8 million through an IPO.

The money raised will be used to fund a major drilling and exploration programme, focussed on the onshore Taranaki Basin.

The prospectus identifies a two year timeframe for a drilling programme of up to 10 wells, expected to include at least four wells in the first year and up to six wells in year two. Indo Pacific will have an average 30% participation in each well.

Chief executive Dave Bennett says in the prospectus that the offer provides investors with the opportunity to invest in a New Zealand based and led petroleum exploration and production company.

"This offer is especially timely, given the country's ongoing energy supply situation," Dr Bennett said.

"New Zealand needs to find more oil and gas for its energy needs, and Indo-Pacific Energy is in a good position to contribute to this demand."

Indo-Pacific Energy seeks to minimise the technical and commercial risks of the exploration business by joint-venturing projects with other companies and also by participating in properties that exhibit a range of risk profiles.

"Exploration is capital intensive. The company generally reduces its cost exposure by adding technical value to its permit interests and then farming out some of its interest to another party.

"The capital raised will also be used to help bring the Kahili and Cheal fields into production," Dr Bennett said.

The funding will, in addition, support the negotiation of further oil and gas sales agreements, allow the ongoing evaluation of existing areas for further drilling opportunities, and provide for the acquisition of further exploration permits.

Indo-Pacific Energy operates in New Zealand, Australia and Papua New Guinea. It holds the most extensive exploration portfolio within the onshore Taranaki basin of any industry player operating in New Zealand. It also holds permits in the offshore Taranaki basin, the East Cape and Canterbury regions, the offshore Vulcan Trough in Western Australia and the Papuan Basin in Papua New Guinea.

In association with the capital raising, Indo-Pacific Energy will seek a listing on the New Zealand Stock Exchange (NZX) and the Toronto headquartered Venture Exchange (TSXV).

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