pukeko - technical read, page-4

re: pukeko - 105m column ?? We'll know in a couple days ;) SALTY

27 May 2004

PUKEKO-1 UPDATE

At 6:00am NZ time on 27 May 2004, Pukeko-1 was at final total depth of 4191
metres having reached economic basement as planned.

Drill breaks associated with gas peaks and good oil shows have been observed
over a gross interval of 105 metres from 4055 to 4160 metres.

The economic significance of this interval needs to be determined by wire
line logging.

The forward plan is to commence wire line logging as soon as possible.
Preliminary results should be available within 48 hours.

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 subsidiary of Pan Pacific Petroleum
N. L.) 10%; AWE New Zealand Pty Limited 20%; and Mitsui E&P New Zealand
limited 12.5%