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Todd Energy winner in Taranaki permit round

Media Release 24 September 2008

Todd Energy winner in Taranaki onshore permit round

Todd Energy is pleased to announce it has been awarded the largest amount of acreage of all the bidders in the round of onshore permits allocated in the Taranaki region.

The 100% New Zealand energy company has been awarded Blocks 1 and 2 (PEP 51149) and will act as operator in this joint venture with Mighty River Power. Todd Energy has also been successful in its application for Block 10 (PEP 51156).

Richard Tweedie, Managing Director, Todd Energy said: "We are very pleased to have Mighty River Power as our joint venture partner for this large block and we look forward to sharing resources as we explore these permits".

As part of the upcoming work programme, Todd will be reprocessing 2D seismic and 3D seismic using state of the art technologies. It will also be acquiring additional new seismic, and Block 10 also has well commitments.

Mr Tweedie commented: "The blocks awarded in the Western Taranaki region cover a large area which we consider to be relatively unexplored. Exploration of this acreage will be challenging but we believe it has significant potential".

In addition, Todd Energy will be drilling the offshore Matariki well in 2009 as well as a further two appraisal wells in the Managahewa field in 2009.

In 2007, Energy Todd partnered with ExxonMobil in the Great South Basin where that venture was awarded 2 blocks. The seismic acquisition programme has been completed and the data is currently being processed in preparation for interpretation early next year.


ENDS


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