Origin Energy Resources (Kupe) Limited* (“Origin”), on behalf of the Kupe Joint Venture, advises that the ENSCO 107 has commenced drilling the Momoho 1 exploration well at a location six kilometres south east of the Kupe field .

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Kupe Project Director Peter Ashford said that since the Kupe project was approved in June 2006 Origin, as operator of the Kupe JV, has been looking for other exploration opportunities close to the Kupe facilities.

Extensive geological and geophysical investigations identified the Momoho prospect as the most exciting drilling candidate in the Kupe area.

It is believed that the Momoho prospect could contain either oil or gas, possibly both. The Momoho 1 well is located between previously drilled exploration well Kupe South-4 (see map), which found subcommercial volumes of gas and Kupe South-5, which found subcommercial volumes of oil.

Mr Ashford said, “The well will take about 40 days drilling to reach its target depth. If the results are encouraging, further appraisal may be required.”

Participants in the Kupe Gas Project are: Origin Energy Resources (Kupe) Limited* (Operator) 50%  
Wholly owned subsidiaries of Genesis Energy 31%  
New Zealand Oil & Gas Limited (through its subsidiaries:  
National Petroleum Ltd. 12.75%, Petroleum Equities Ltd. 1.25%  
and Nephrite Enterprises Ltd. 1.00%) 15%  
Mitsui E&P Australia Pty Ltd 4%  

*a wholly owned subsidiary of Origin Energy Limited

For further information please contact:
Media – New Zealand :
Rory Newsam
Tel: +64 460 2386
Mobile : +64 27 295 3809

Angus Guthrie, Manager Investor Relations
Origin Energy
Tel: +61 2 8345 5558
Mobile: +61 417 864 255
Email: angus.guthrie@originenergy.com.au

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