tight register, page-5

Maybe so , KEA's shollow play Wingrove -2 has already reached 262 mtres , anticipated to reach 320 by the weekend using a small rig. Plan to recommence drilling a week later with larger rig to TD of 1500, well completion by the end of April.

Six weeks or so later " Beluga -1 " well is expected to be commenced.

Methanex corporation of Canada has entered into an agreement with KEA to contribute up to US 10mill to Beluga -1 .

Beluga's best propective estimates by MBA are 446 BcF with condensate yield of 27 MMb. This is a comparable size to the adjacent Mangahewa and Pohokura gas fields.

KEA believe that even a small discovery will be commercial as they are 6kms away from pipeline that can supply the Methanex Methanol Plant.