Matuku-1 weekly progress report January 13

Posted on 13 January 2014

The Matuku-1 well in PEP 51906 offshore Taranaki has been drilled to 3913 meters as of
6.00AM Sunday, 12 January 2014. A 9 5/8 inch casing string has been set to 3409 meters.

The next operation is drilling ahead to a planned total depth of 4754 metres.
The Kan Tan IV began drilling operations on Saturday, 30 November. Matuku-1 is in 130
meters of water.

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.

Attached:News Release