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Fireball Creek-1 Drilling to Recommence

Fireball Creek-1 Drilling to Recommence

L&M Petroleum Limited (LMP) is pleased to announce that the PEP 38521 Joint Venture is set to recommence drilling the Fireball Creek-1 well today. The well, located within Petroleum Exploration Permit (PEP) 38521 in the onshore Westland Basin of the South Island of New Zealand, is programmed to drill to a total depth of 450m to test an Omotumotu Sandstone structure containing potential gas resources of up to 40 Bcf.

LMP has entered into a farmin agreement with several of the PEP 38521 Joint Venture parties under the terms of which LMP will earn 32.5% equity in PEP 38521 and become Operator to the joint venture by funding a portion of the cost to drill the Fireball Creek-1 well.

About L&M Petroleum Limited

L&M Petroleum Limited is incorporated in New Zealand and dual listed on the ASX and NZX on 11 January 2007 after raising AUD$20 million in a fully underwritten Initial Public Offering.

The Company is currently carrying out an aggressive exploration programme focused on discovering major oil and gas resources in the onshore and offshore Western Southland Basin and the onshore Westland Basin of the South Island of New Zealand.

ENDS


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