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Widespread Energy associate Green Gate gains Taranaki block

Tuesday 23rd September 2008

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Green Gate, an exploration company that's about 12% owned by NZAX-listed Widespread Energy Ltd. gained a share of an exploration license in South Taranaki and plan to drill within 18 months.

The block known as PEP 51150 is 374 square kilometers and is surrounded by producing fields - Kapuni to the
west, Cheal and Waihapa to the north, Kauri to the southeast and the offshore Kupe permit being developed to the south.

Green Gate was granted the block in a joint venture with Perth-based GB Energy, according to a statement from Widespread managing director Chris Castle. Green Gate will be the operator and hold a one third interest.

Widespread shares last traded at 10 cents on June 30.

By Jonathan Underhill

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