PML 38416 Exploration Well - Momoho 1

Origin Energy Resources (Kupe) Limited, on behalf of the Kupe Joint Venture, advises that as of 12 pm EST on 25 June, the following operations have been completed on Momoho 1.

(Offshore Taranaki Basin, New Zealand) 

• The 22 inch section was drilled to a final depth of 561m MDRT (measured depth below rotary table).

• The 18-5/8 inch casing has been run and cemented as programmed.

• The Blow-Out Preventers (BOP’s) have been installed and the 17 inch section is currently being drilled at 1,355m MDRT.

Over the coming week, the rig is expected to complete drilling the 17 inch hole section and run the 13-3/8 inch casing.

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 1,355m

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

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

Partners in the Kupe permit PML38146 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