10 July 2008
PML 38416 Exploration Well - Momoho 1
(Offshore Taranaki Basin, New Zealand)

Origin Energy Resources (Kupe) Limited, on behalf of the Kupe Joint Venture, advises that as of 12 pm EST on 9 July, the following operations have been completed on Momoho 1:

• The 12-1/4 inch section was drilled to a final depth of 2,898m MDRT (measured
depth below rotary table).

• The 9-5/8 inch casing is currently being run.

Over the coming week, the rig is expected to complete running and cementing the 9-5/8 inch casing, drill the 8-1/2 inch section and acquire wire-line logs over the primary reservoir target (Farewell Formation).

Drilling began on 13 June 2008 and the well is expected to take approximately 51 days to drill on a dry-hole basis.

Partners in the Kupe permit PML38146 are:
Origin Energy Resources (Kupe) Limited* (Operator) 50%
Wholly owned subsidiaries of Genesis Energy 31%
New Zealand Oil & Gas Limited (through its subsidiaries:
National Petroleum Ltd. 12.75%, Petroleum Equities Ltd. 1.25%
and Nephrite Enterprises Ltd. 1.00%) 15%
Mitsui E&P Australia Pty Ltd 4%
*a wholly owned subsidiary of Origin Energy Limited

ENDS