FYI
26 July 2004
Pateke-1 Progress Report
New Zealand Oil and Gas Limited advises that at 6:00am today Pateke-1 was at
2256m in 8 1/2" hole. Progress in the last week has been 2051 metres.
The well is targeting Kapuni "F" Sand at approximately 3700m which is likely
to be reached within the next week. As the target section is drilled, results
will reported on a daily basis.
New Zealand Oil & Gas Limited holds a 12.5% interest in PEP38460 through
subsidiary Stewart Petroleum Company Limited.
Other participants in the venture are New Zealand Overseas Petroleum Limited
(operator) 45%; WM Petroleum Limited (a wholly owned subsidiary of Pan
Pacific Petroleum N.L.)10%; AWE New Zealand Pty Ltd 20%; and Mitsui E&P New
Zealand Limited 12.5%.
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