More Great South Basin Acreage Available

The holders of PEP 38225 located in the Great South Basin in New Zealand have applied to surrender their permit. This surrender has been accepted and will take effect May 18, 2006.

The draft terms of the blocks offer to be held in the Great South Basin this year excludes any area under permit at the time bidding closes. This has meant that Blocks 1, 2, 12, 13, 18-20 and 26-28 have had some acreage within the proposed permit boundaries subject to the exploration permits (PEP 38215, PEP 38228 and PEP 38225).

However, the holders of PEP 38225 have surrendered this permit. This will take effect May 18, 2006.

The surrender now means that Blocks 18, 26-28 will be available for bidding, substantial portions of Blocks 19 and 20 will also be available in their entirety.

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