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Fireball Creek-1 Drilling Progress Report

For Immediate Release
Wednesday, 9 April 2008

Fireball Creek-1 Drilling Progress Report

As at 0600 hours a depth of 122m had been reached. Drilling mud is currently being prepared in advance of running the protective string of casing.

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.


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