Hon Max Bradford
Minister for Enterprise and Commerce

MEDIA RELEASE

15 July 1999

Five New Onshore Taranaki Petroleum Exploration Permits

The Minister for Enterprise and Commerce Max Bradford announced today the award of five new onshore Taranaki Petroleum Exploration permits.

Mr Bradford said the five permits could see approximately $55 million spent on up to 15 exploration wells over the next five years. This is in addition to other onshore Taranaki exploration.

"About $12 million dollars will be spent during the coming 12 months in the new permits,” Mr Bradford said.

“Given the intense international competition for petroleum exploration investment dollars, it is particularly pleasing to see such a high level of interest in the permits on offer."

The successful applicants are:—

· Westech Energy New Zealand Ltd - Petroleum Exploration Permits (PEP) 38732, 38733 and 38734 (refer attached map).

Westech Energy New Zealand Ltd is a wholly owned subsidiary of Denver- based Energy Corporation of America.

· Amity Oil New Zealand Ltd - PEP 38735 (refer attached map).

Amity Oil New Zealand is a wholly owned subsidiary of Amity Oil NL, an Australian company that currently operates 11 petroleum exploration permits in Australia.

· Consortium: Indo-Pacific Energy (NZ) Ltd and Millennium Oil and Gas Ltd - PEP 38736 (see attached map).

Wellington-based Indo-Pacific Energy (NZ) Ltd is a subsidiary of North American Indo-Pacific Energy. Indo-Pacific Energy and other members of International Resource Management Corporation hold interests in nine other New Zealand petroleum permits.

Millennium Oil and Gas Ltd is a private company set up to invest local market funds.

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