Kupe Gas Wells Under Way Offshore Taranaki Basin, New Zealand

Origin Energy Limited reports that the 17-inch hole section of the Kupe South 6 (KS-6) well had reached the planned total depth of 2,000 meters MDRT (measured depth from rotary table). A wiper trip is currently under way to condition the hole prior to running and cementing the 13-3/8 inch casing.

Upon completion, the 17-inch hole sections of the KS-7 and KS-8 wells will be drilled and cased prior to commencement of the subsequent 12-1/4 inch sections.

Drilling began on Dec. 19 2007 and reached total depth on Jan. 2, 2008. The 22-inch top hole sections of all three development wells in permit PML 38146 have been completed to the following depths: KS-6,560 meters MDRT, KS-7,566 meters MDRT and KS-8,568 meters MDRT.

Each of the three production wells will be drilled by the ENSCO 107 jackup drilling rig to a vertical depth of approximately 3,400 meters.

The Kupe Project drilling campaign is being undertaken on a batch-drilling basis. This process involves completing the same section of each of the three wells before proceeding to the subsequent section and is a more efficient approach than drilling the wells separately.

Origin Energy Resources is the operator of the gas project with 50% working interest. Participants in the project are wholly owned subsidiaries of Genesis Energy with 31%, New Zealand Oil & Gas Limited (through its subsidiaries: National Petroleum Ltd. 12.75%, Petroleum Equities Ltd. 1.25% and Nephrite Enterprises Ltd. 1.00%) with 15%, and Mitsui E&P Australia Pty Ltd with 4% interest.

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