trading holt, page-9

re: 41 metres of mobile oil WESTGOLD RESOURCES NL 2003-01-21 ASX-SIGNAL-G

HOMEX - Perth

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The Company is very pleased to announce that the Maari-2 appraisal
well reached a total depth of 1495mRT on Friday 17 January 2003, and
wireline logging operations were completed on Sunday 19 January 2003.

Preliminary analysis of the wireline log and pressure data indicates
that:

1) The top of the Moki Formation primary reservoir objective was
intersected at 1303mRT, 12m higher than prognosis.

2) Below this depth 41m of mobile oil is present in the reservoir,
with reservoir quality within pre-drill expectations.

3) The M2A Formation, a secondary objective of the well, contained 3
oil-bearing sands with 17m of mobile oil within a 28m reservoir
section between 1207 - 1290mRT.

It is also worth noting that two cores were successfully cut through
the Moki Formation reservoir from 1310 - 1334mRt and 1334 - 1358mRT,
and 5 oil samples were collected during the logging program (three
from the Moki reservoir and two from the M2A sands).

The Maari-2 appraisal well was primarily designed to confirm the
presence and nature of oil bearing reservoir in the Moki Formation
within closure in the south-central part of the field and to
establish the oil-water contact in that area. These objectives have
been achieved.

Westgold's management regards the results to date as positive and is
confident that there will be sufficient justification for the joint
venture to move forward to development planning.

In addition, the higher-than-expected oil bearing sand thickness
encountered in the M2A sands has added further possible upside oil
reserves to the field.

It is not considered necessary to flow test the Maari-2 well. The
well is a further appraisal of the field first discovered by the
Moki-1 well in 1983 and subsequently appraised by Moki-2A in 1985 and
Maari-1/1A in 1998. The Moki-1 well flowed 660 bopd from the Moki
Formation and a horizontal production test at Maari-1A flowed 4400
bopd from the same interval. The oil column has been confirmed at
Maari-2 and the Moki Formation primary reservoir has at least as good
reservoir quality as encountered at Maari-1.

The well was not planned to drill into the deeper Mangahewa formation
and further appraisal of this reservoir and the nearby Manaia Field
will be the subject of future consideration within an overall
development scheme.

Logging operations have now been completed and the well is currently
being abandoned at 1495 mRT as planned.

Post-farmin equity holders in PEP38413 will be:

OMV New Zealand Limited 39% (Operator)
OMV Australia Pty Ltd 30%
Todd Petroleum Mining Company Limited 16%
Horizon Oil NL 10%
Delta Oil Taranaki Pty Ltd 5%

Delta Oil Taranaki Pty Ltd is a wholly owned subsidiary of Delta
Oilfield Developments Limited [a joint venture company, owned equally
by Westgold Resources NL (ASX stock code "WGR") and Carpenter Pacific
Resources NL (ASX stock code "CPC")].

The Company is very pleased that its first move into the upstream oil
and gas business has been a success.


NEIL DOYLE
MANAGING DIRECTOR

"For further information please refer to the Delta Oilfield
Developments Limited link on Westgold Resources NL website
www.westgold.com.au".