FYI28 April 2004PUKEKO DRILLING UNDER WAYPan Pacific Petroleum...

FYI

28 April 2004

PUKEKO DRILLING UNDER WAY

Pan Pacific Petroleum NL advise that drilling operations at Pukeko commenced
with spud of the well at 8.30am NZ time, 28 April.

Pukeko-1 targets Kapuni 'C', 'D' and 'F' Sand reservoirs, each with potential
of more than 80 million barrels. The 'C' Sands will be reached first and are
expected at approximately 3300 metres. 'D' Sands are expected at 3500 metres
and 'F' Sands at 3700 metres. Total depth of the well is planned for 4200
metres.

It is expected that the 'C' Sands will be reached in about three weeks and
operations completed a week after that. Press releases will be made weekly
with daily reporting as we approach and evaluate the target horizons.

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%.

For further information : Eric Matthews (Exploration Manager)