Matuku-1 weekly progress report December 20

Posted on 20 December 2013

As at 6.00AM Thursday, 19 December the Matuku-1 well in PEP 51906 offshore Taranaki had been drilled to 2867 metres.

The next activity will be drilling ahead to 3400 metres and then running casing.
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