Start of Testing of Kupe Development wells (Kupe South 6, 7 & 8, offshore Taranaki Basin, New Zealand)

Origin Energy Limited, on behalf of the Kupe Joint Venture, advises that on 23 May flow testing operations commenced on the three Kupe development wells KS-6, 7 and 8.

The indicative schedule for testing and details of the intervals being tested are as follows:

*Depths are measured depth below the rotary table (MDRT).

Origin Energy, on behalf of the Kupe Joint Venture, will announce the results of each well test upon completion. Following testing, each well will then be shut-in before the rig is moved to drill the Momoho exploration well.

Kupe development well drilling began at 22:40 hrs on 19 December 2007. 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.

Participants in the Kupe Gas Project 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

For further information please contact: