fyi25 May 2004PUKEKO-1 UPDATEAt 10:00am NZ time on 25 May,...

fyi

25 May 2004

PUKEKO-1 UPDATE

At 10:00am NZ time on 25 May, Pukeko-1 was at a depth of 4015 metres and
drilling ahead.

The forward plan is to drill to total depth of approximately 4200 metres and
run electric logs. It is anticipated that a final announcement on Pukeko-1
will be made in a few days time when results of wireline logging have been
evaluated.

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%.