Progress Report on Kaitangata Multi-Well

Progress Report on Kaitangata Multi-Well Coal Seam Gas Programme

L&M Energy is pleased to provide the following update regarding its Kaitangata CSG appraisal programme within PEP 38219, located 60km south of Dunedin. Wangaloa-2, located approximately 1.6 km to the southwest of Wangaloa-1, is at a current depth of 286m and drilling ahead towards an estimated target depth of 350m. The well is set to test the coal seam gas potential from five sub-bituminous coal horizons (Capstick, Jordan, Kai Main, Carson and Shore) within the coalfield.

Wangaloa-2 is the first of five wells to be drilled in a northerly and potentially deeper portion of the permit. The programme is intended to give sufficient data to determine the coal seam gas potential of the Kaitangata area.

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