Indo-Pacific Spuds Bluff-1 Well Onshore New Zealand

The Bluff-1 exploration well located in PEP 38746 onshore New Zealand was spud on October 12, 2003. The planned total depth of the well is 1,550 meters measured depth.

The Bluff-1 well is being drilled to investigate the hydrocarbon potential of the Mt. Messenger sandstones at a depth below 1,200 meters measured depth. Secondary objectives include channel deposited sandstones within the overlying Urenui Formation. The well is expected to take eight days to reach the proposed total depth.

Joint Venture Participants in PEP 38746 are Indo-Pacific as operator with 25%; Tap Oil with 25%; Magellan Petroleum with 25% and AWE New Zealand with the remaining 25%.