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NZ Oil And Gas - Oil Search Update

REL: 1355 HRS
New Zealand Oil and Gas Limited

MINE: NOG: OIL SEARCH UPDATE

NZ Oil & Gas has advised that the company has secured the Ocean Epoch semi-submersible rig to drill the Hochstetter-1 wildcat well in the West Maui - permit 38460.

In the Maui production area flow rates from wells have been as high as 37,000 barels of oil per day, compared with the total New Zealand oil production of around 50,000 barrels of oil per day.

Mr Radford, MD of NZ Oil & Gas, said that the West Maui area had been overlooked by previous explorers and after award of the permit in 1996 commissioned several technical studies at a cost of NZ$5m to investigate prospectivity.

"The results have been extremely positive with 4 well defined large prospects identified."

"We believe there are two trends where major oil accumulations may be expected: the Western Trend [containing Hochstetter, Hector and Tahuroa structures] and the area north of the Maui Field [containing the Tui Prospect]."

NZOG will test the Western Trend in drilling the Hochstetter-1 well.

"By the first weeek of 03/2000 the Hochstetter-1 well will be nearing the first of its objectives and we expect the well to be completed by mid 03/2000."

END.

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