the good oil

CARPENTER PACIFIC RESOURCES NL 2003-06-12 ASX-SIGNAL-G

HOMEX - Perth

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MAARI OILFIELD DEVELOPMENT UPDATE SIGNIFICANT INCREASE IN EXPECTED
RECOVERABLE RESERVES.

The board of Carpenter Pacific Resources NL (ASX code "CPC") wishes
to make the following announcement regarding its interest in the
Maari Oilfield development held via Delta Oil Taranaki Pty Ltd
("Delta") - a wholly owned subsidiary of Carpenters 50% owned joint
venture company Delta Oilfield Developments Limited.

OMV New Zealand Limited as Operator of licence PEP38413 in the
offshore Taranaki Basin, New Zealand has recently completed a
volumetric analysis of the primary Moki Formation reservoir in the
Maari Oilfield incorporating the results of the Maari-2 appraisal
well. This analysis indicates:

OIL-IN-PLACE

* The positive results of the Maari-2 appraisal well have added
approximately 45 million barrels to the P50 estimate of the Moki
Formation oil-in place.

* The new P50 oil-in-place estimate is 136 million barrels
approximately 45% higher than the pre-drill estimate.

* This increase has been largely due to a re-definition of the
fields most likely OWC to 1,327m TVDss, some 7m TVDss deeper than
that previously estimated (it should be noted that the determination
of this OWC position within a small error range was one of the
principle objectives of the Maari-2 well). In addition, as previously
reported the Maari-2 well came in 12m higher than prognosis and
encountered better reservoir quality than expected in the southern
part of the field.

PRELIMINARY RECOVERABLE RESERVES

* As a result of this increase in the Moki Formation P50
oil-in-place, the expected recoverable reserves for the field have
also increased.

* A preliminary assessment indicates that the P50 recoverable
reserves in the Moki formation are between 40 and 45 million barrels,
compared with the pre-drill estimate of between 30 and 35 million
barrels.

Deltas net share of this new P50 recoverable reserve is between 2
and 2.25 million barrels.

In addition, it is important to note that these reserve estimates
do not include any contribution from the thicker than expected M2A
sand at the Maari-2 location (17m net oil), or the deeper Eocene
Mangahewa oil & gas pool in the Maari structure.

Dave R.