Hmmm , minor shows only so-far .... last cahnce the 'F' sands ,...

Hmmm , minor shows only so-far .... last cahnce the 'F' sands , which is the horizon that gushed at Tui and Amokura ...... 3rd time lucky ??

MINE: NOG: PUKEKO-1 PROGRESS REPORT

21 May 2004

PUKEKO-1 PROGRESS REPORT

At 6:00am NZ time on 21 May, Pukeko-1 was at a depth of 3613 metres and
drilling ahead in 8 ?" hole.

Over the 164 metres drilled since yesterday minor oil shows were
intermittently observed in the lower part of the Kapuni C Sands and in the D
Sands. The indications to date are that these shows are unlikely to be
commercially significant. However, electric logs, which will be run when the
well reaches total depth, are needed to confirm this. It is expected that
the F Sand target will be intersected over the next few days.

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%.