Kupe Field Initial 2P Reserves Increase

Origin Energy Ltd announced that following a detailed reserves review, the initial proved and probable (2P) reserves in the Kupe field have increased. Initial gas reserves have increased by 8%, LPG reserves by 5%, and light oil reserves by 27%. The reserves review integrated new petrophysical, fluid sample, and well test information from development wells drilled in 2008 with full field static and dynamic reservoir models. The models were updated to enable matching of the new technical information with limited early field production data. As a result of this modeling, 2P reserves are now estimated at 74.2 MMboe. The Kupe gas and light oil/condensate field is located offshore New Zealand in the Taranaki basin in a water depth of 115 feet (35 meters). The field lies in the Kupe Central Field Area (CFA) within PML 38146 and is operated by Origin Energy, which holds a 50% interest. Genesis Energy holds a 31% interest; New Zealand Oil and Gas Limited holds a 15% interest; and Mitsui E&P Australia Pty Limited holds a 4% interest.

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