pukeko-1 progress report

FYI

MINE: PPP: PUKEKO-1 PROGRESS REPORT

PRESS ANNOUNCEMENT

17 May 2004

PUKEKO-1 PROGRESS REPORT

As of 6:00am NZ time on 17 May, Pukeko-1 was at a depth of 3195 metres and
running 9 5/8 " casing. We expect to start drilling the final section of
the well by midweek. The target zones will be encountered shortly
thereafter, so daily progress reports will now be made until results of the
well have been reported.

Pan Pacific Petroleum NL through WM Petroleum Limited (a wholly owned
subsidiary of Pan Pacific Petroleum N.L.) has a 10% interest in PEP38460.

Other participants in the venture are New Zealand Overseas Petroleum Limited
(operator) 45%; Stewart Petroleum Company Limited (a subsidiary of New
Zealand Oil & Gas Ltd) 12.5%; AWE New Zealand Pty Ltd 20%; and Mitsui E&P New
Zealand Limited 12.5%.

SALTY