Matuku -1 Weekly Progress Report December 17

Posted on 17 December 2013

As at 6.00AM Monday, 16 December, blowout preventers had been successfully installed
and tested at the Matuku-1 well in PEP 51906 offshore Taranaki.

The well was at 1569 metres and drilling had commenced on the 12 1/4 inch section. The Kan Tan IV began drilling operations on Saturday, 30 November. Matuku-1 is in 130
metres of water. It is expected to take 45 days to drill to a depth of 4750 metres. Participants in PEP 51906 are OMV New Zealand (Operator) 65 per cent; Octanex 22.5 per
cent; and New Zealand Oil & Gas 12.5 per cent.

If Matuku-1 is successful, either New Zealand Oil & Gas or Octanex may exercise an option for New Zealand Oil & Gas to acquire a further 5 per cent of Octanex’s share, which would
equalise each company’s interest at 17.5 per cent.

Attachment: News Release