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Matuku-1 weekly progress report December 30

Posted on 30 December 2013

As at 6.00AM Sunday, 29 December, the Matuku-1 well in PEP 51906 offshore Taranaki had
been drilled to 3167 metres after setting 13 3/8” casing at 1494 metres.

A cement plug has been set across suspected debris at the base of the well and the next
activity is to drill a 12 ¼” sidetrack hole to 3400 metres and set 9 5/8” casing.
The Kan Tan IV began drilling operations on Saturday, 30 November. Matuku-1 is in 130
metres 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