New permits in 2013 Block Offer

Posted on 6 December 2013

New Zealand Oil & Gas has acquired interests in three new permits in the New Zealand
Government’s 2013 Block Offer; one off Taranaki, one off Canterbury and the third in the
Great South Basin.

PEP 55793 ‘Vulcan’ in offshore Taranaki covers 2418 km2. PEP 55794 ‘Toroa’ in the Great
South Basin south east of the South Island covers 9835 km2. New Zealand Oil & Gas, New
Zealand’s largest listed explorer, has a 30 per cent interest in each of these permits. New
country entrant, Woodside, has a 70 per cent interest and will be operator.

“The new joint ventures are a good mix of our local knowledge and Woodside’s deepwater
exploration capability, ” New Zealand Oil & Gas chief executive Andrew Knight said.
“New Zealand Oil & Gas has been eying substantial targets within the new permits.

Two wells have previously been drilled in PEP 55794 and encountered non-commercial
hydrocarbon shows. PEP 55793 is a true frontier permit with substantial unexplored leads.
“The involvement of Woodside as operator will deliver operational capability to combine with
our understanding of local conditions.”

New Zealand Oil & Gas has also been awarded 100% of PEP 55792 ‘Galleon’ off Canterbury. Galleon is immediately south of the Clipper permit, where New Zealand Oil & Gas has a 50 per cent interest. A modest seismic programme is planned in Galleon.

Andrew Knight says the new permits increase the company’s exposure to New Zealand’s
frontier basins.

“They bring higher investment risk with greater prospective resources.”

Attached: News Release (With Maps)