OMV Sells Stake in Pohokura Gas Field to Todd Petroleum

OMV has sold its 9.8% stake in the Pohokura gas field to its consortium partner Todd Petroleum Mining Company Ltd (Todd) together with shares in three other exploration licenses in New Zealand. This sale reduces OMV's stake in Pohokura from 35.8% to 26%. The partners have decided not to disclose the sales price. The sale will take effect retrospectively as of January 1, 2003. Completion of the transaction is subject to government approvals and contractual rights of the consortium partners.

Helmut Langanger, member of the OMV's Board of Management responsible for Exploration and Production (E&P), said: "The sale of the 10% stake in Pohokura will balance our shareholding and broaden the distribution of risk in the development of the field."

The Pohokura gas field is the largest undeveloped gas field in New Zealand and is currently being appraised with the aim of commencing production in 2006. Pohokura is located in the Taranaki Basin off the coast of New Zealand's North Island. It ideally complements OMV's 10% stake in the New Zealand's Maui gas field, which was acquired last year. The two fields enable OMV to make an important contribution to the country's energy needs. In developing the field, OMV will benefit from the expertise of its consortium partners Shell and Todd, the latter being the largest private energy company in New Zealand. OMV is currently producing about 15,000 boe/d (barrels oil equivalent per day) in Australia and New Zealand.

In January 2003, OMV acquired the entire international E&P portfolio of Preussag Energie at a purchase price of about EUR 300 million. This acquisition also included four exploration licenses in New Zealand, including the share in the Pohokura field. By 2008, OMV plans to increase its daily oil and gas production to about 160,000 boe. After the reduction of these shares, about 85% of target production for the year 2008 should be achievable from the OMV Group's current reserves.

Shares in the Pohokura gas field after the sale will be OMV New Zealand Ltd. 26%; Todd Petroleum Mining Company 26% and Shell with 48%.