Oil Shows Encountered at Supplejack-1

The Supplejack-1 well located in PEP 38741 within the onshore Taranaki Basin in New Zealand has been drilled to a total depth of 2,575 meters measured depth and logging has been completed.

Two small potential moveable hydrocarbon zones in the Mt Messenger formation have been identified from the log data.

The forward plan is to complete the well and place the deeper, potential oil zone on production test in the first instance. The results of the production test will determine the way forward for the upper zone.

Recoverable volumes of hydrocarbons have yet to be determined but are expected to be small in size at this stage. The test results are expected to be available by the end of August 2005.

PEP 38741 Joint Venture participants are Austral-Pacific Energy as operator with 30%; Tap Oil with 50% and TAG Oil with 20%.