OMV Says Maari Development Plan Approved

OMV says that the Maari joint venture in which its wholly owned subsidiary OMV New Zealand Ltd holds a 69% interest has approved the field development plan for the Maari oil field. OMV New Zealand as the operator together with its partners Todd Petroleum Mining Company Ltd. (16%), Horizon Oil International Ltd (10%, a wholly owned subsidiary of Horizon Oil Limited HZN:AU) and Cue Taranaki Pty Ltd (5%) expect first oil for March/April 2008, with an daily plateau production rate of 35,000 bbl.

Helmut Langanger, OMV Executive Board member responsible for Exploration and Production stated: "This is a major step forward in strengthening our position in one of our international core areas. With the Pohokura gas field development project well underway and now the Maari oil field development being approved, New Zealand is the country where OMV has a high level of development activities. "

Daily production rate: 35,000 bbl

The Maari Field was discovered in 1983 and is located in 100m water depth, some 80 kilometers off the South Taranaki coast.

Total development costs are estimated to be some 360 million US dollars. First oil is targeted for March/April 2008. The field plateau production rate is aimed at 35,000 barrels of oil per day (bbl/d). Current studies estimate the P50 field reserves to be about 50 million barrels with a field life in excess of 10 years.

Sound development plan

An application for a Petroleum Mining Permit has been submitted to the Ministry of Economic Development. The grant of the permit is anticipated soon. All the major work scopes have been tendered and tender evaluation is nearing completion. The development contracts are expected to be awarded within the next few weeks. The development work scope comprises

a not-normally manned wellhead platform, a Floating Production Storage and off- loading for processing and storing the crude oil, 5 production and 3 water injection wells. All wells will be drilled from a common seabed location with the wellheads located on the fixed wellhead platform for easy access for routine and unplanned well interventions during the field's life. The platform will have spare slots for future platform wells and will provide the facility to tie back any satellite fields.

Balanced International E&P portfolio

OMV owns a balanced international E&P portfolio in 17 countries organized around five core regions, namely the Danube and Adriatic, Northern Africa, the British North Sea, the Middle East/Caspian and Australia/New Zealand. Due to the acquisition of 51% of Petrom, Romania's largest oil company, OMV's daily production volume is approximately 340,000 boe/d, and the company's reserves approximately 1.4 bn boe.

The interests in Maari oil field (PEP 38413)
OMV New Zealand Ltd: 69% (Operator)
Todd Petroleum Mining Company Ltd: (16%)
Horizon Oil International Ltd: 10% (a wholly owned subsidiary of Horizon Oil Limited HZN:AU)
Cue Taranaki Pty Ltd: 5%