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Goodwin-1 Well Drilling Operations Commencing

COMPANY ANNOUNCEMENT

For Immediate Release
Friday, 22 August 2008

Goodwin-1 Well Drilling Operations Commencing

L&M Petroleum Limited (LMP) is pleased to announce that mobilisation of the Washingtons Exploration Rig #8 to the Goodwin-1 well site is underway and the well drilling operations are expected to commence Monday, 25 August. The well drilling and coring operations are projected to take five days to reach the total depth of ~250m.

The Goodwin-1 well, located in the eastern portion of petroleum exploration permit (PEP) 38226 (Waiau) adjacent to the proven Ohai coalfield (see map), is the first of three wells to be drilled in the Company’s 2008 coal seam gas (CSG) exploration program in the South Island of NZ, which is targeting up to 300 PJ of coal seam gas resources.

The Wairaki-1 well, located in the adjacent PEP 38238 (Blackmount), will be drilled immediately following the Goodwin-1 well. The third well to be drilled will be the Mt Linton-1, located in PEP 38226 (Waiau), near the previously drilled Sharpridge Creek-1 discovery. The wells will be air drilled to the top of the Beaumont coals, after which, 96mm cores will be obtained through the entire Beaumont and Morley coal sections. The cores will then undergo analysis to determine the coal’s properties, gas content and gas desorption levels.

LMP plans to drill up to eight wells in 2008 to help confirm the extent of the coal seam gas potential resources contained within its permits. The Company’s initial analysis indicates its onshore Western Southland Basin permits may hold up to 300 PJ of CSG potential resources.

ENDS

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