Belmont Strat-1 Well Encounters Beaumont Coals

Belmont Strat-1 Well Encounters Beaumont Coals at 224m

Highlights

• Belmont Strat-1 well encountered the top of the Beaumont formation coals at
224m
• The Washington’s #8 coring rig is being rigged up over the well to undertake
coring operations.

At report time this morning the Washington’s coring rig #8 is being rigged up on the Belmont Strat-1 well in LMP’s Western Southland Basin petroleum exploration permit, PEP 38228 (Blackmount) to undertake coring operations of the Beaumont formation coals encountered at 224m. The Belmont Strat-1 well is programmed to core the remainder of the well to it programmed target depth of 400m. The Belmont Strat-1 well is programmed to further appraise the Beaumont coals in the northern portion of the Takitimu South Trend. The coring operations are expected to take about one week to complete.

The Belmont Strat-1 well will be the final well drilled in the first phase of the 2009 drilling program. The second phase of the 2009 drilling program is scheduled to begin in late Sept 2009, once the weather improves sufficiently to enable easy access to the drill sites. LMP has programmed to drill up to seven coal seam gas test wells in 2009 to confirm the coal seam gas potential in the Company’s onshore Western Southland Basin permits. Initial analysis indicates that the Company’s permits may hold up to 300 PJ of CSG potential resources.

ENDS

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