PML 38416 Exploration Well - Momoho 1

Origin Energy Limited, on behalf of the Kupe Joint Venture, advises that as of 12 pm EST on 18 June, the following operations have been completed on Momoho 1.
 

PML 38416 Exploration Well - Momoho 1

(Offshore Taranaki Basin, New Zealand)

• The ENSCO 107 was positioned over the Momoho location and the necessary

preparations undertaken to commence drilling.

• The 36 inch hole section was drilled to 180m MDRT (measured Depth below Rotary

Table) and the 30 inch casing set and cemented.

• The 22 inch hole section was drilled to a final depth of 561m MDRT.

Over the coming week, the rig is expected to run 18-5/8 inch casing and commence

drilling the 17 inch hole section.

Drilling began on 13 June 2008 and progress to date is summarised as follows:

36 inch 22 inch 17 inch 12-1/4 inch 8-1/2 inch

Planned 170.5m 550m 1,830m 2,855m 3,142.5m

Actual 180m 561m

*Depths are cumulative and show total well depth measured below the rotary table (MDBRT).

The well is expected to take approximately 51 days to drill on a dry-hole basis.

Partners in the Kupe permit PML 38146 are:

Origin Energy Resources (Kupe) Limited* (Operator) 50%

Wholly owned subsidiaries of Genesis Energy 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%) 15%

Mitsui E&P Australia Pty Ltd 4%

*a wholly owned subsidiary of Origin Energy Limited