Origin Energy Resources Ltd Drilling Programme Taranaki/Northern Basin

On 3 November 2010 Origin Energy advised us that their current exploratory well Koromako-1 is being plugged and abandoned due to uneconomical results.

Following the negative result of the Koramako-1 Origin has determined to change its planned exploratory drilling programme and as a consequence instead of moving on to the originally programmed Kokako-1 well they will move to the Tarapunga-1 site. The co-ordinates for the Tarapunga-1 site are shown below.

It is expected that the plugging and abandonment of Koramako-1 will be completed by the end of this week (7/11/2010) and the Kan Tan IV drilling rig will be released and move to the next well location. Tarapunga-1 drilling is expected to take between 18 and 20 days to complete.

Tarapunga-1 site co-ordinates:

Latitude (NZGD49        37 40' 18.06"S

Longitude (NZGD49)    174 15' 51.00" E

Northing (NZMG)        6391823.5m N

Easting (NZMG)          2621772.6m E

Further information can be obtained from:

Origin Energy Resources NZ Ltd, Energy House 32-38 Molesworth St, Private Bag 2022, New Plymouth 4342.

Telephone:      06-769 9800

Fax:                06-769 9804

E-mail:             bev.wisnewski@originenegy.com.au