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PML 38416 Exploration Well - Momoho 1

3 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 2 July, the following operations have been completed on Momoho 1:

• The 17 inch section was drilled to a final depth of 1,845m MDRT (measured depth
below rotary table).
• The 13-3/8 inch casing has been run and cemented as programmed.
• The Blow-Out Preventers (BOP’s) are currently being pressure tested.

Over the coming week, the rig is expected to drill the 12-1/4 inch section and run the 9-5/8 inch casing.

Drilling began on 13 June 2008 and progress to date is summarised as follows:

36 inch 22 inch 17 inch 12-1/4 inch 8-1/2 inch
Planned 170.5m 550m 1,830m 2,855m 3,142.5m
Actual 180m 561m 1,845m

*Depths are cumulative and show total well depth measured below the rotary table (MDRT).

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

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