NZOG Expands Taranaki Exploration with New Permit Near Maui

New Zealand's Ministry of Economic Development has awarded New Zealand Oil & Gas Ltd. (NZOG) the Petroleum Exploration Permit 38499 offshore Taranaki to a joint venture including NZOG. This is in line with NZOG's strategy of exploration-led expansion.

NZOG said the permit has several promising leads. It is located adjacent to the prolific Maui gas/oil field as shown on the attached map. At least two of the permit's leads, Matuku and Toke, will be delineated by 400km of marine 2D seismic survey planned for mid 2007 and the reprocessing of more than 300km of existing seismic data.

Participants in PMP 38499 are:

--New Zealand Oil & Gas Ltd (through its subsidiary Stewart Petroleum Co. Ltd), 12.5%
--AWE (Operator) 42.5% [New Zealand Overseas Petroleum Pty Ltd (22.5%); AWE New Zealand Pty Limited (20.0%)]
--Mitsui E & P New Zealand Ltd, 35.0%
--Pan Pacific Petroleum NL (through its subsidiary WM Petroleum Ltd), 10.0%

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