Origin to drill Canterbury basin well

Origin Energy Resources (NZ) Ltd., operator and 100% interest holder of Canterbury basin permit PEP 38262, will drill an exploration well in permit Year 4.

Offshore staff

SYDNEY, Australia -- Origin Energy Resources (NZ) Ltd., operator and 100% interest holder of Canterbury basin permit PEP 38262, will drill an exploration well in permit Year 4.

The prospect has two distinct structural culminations which are separately referred to as Caravel in the north and Carrack in the south. The Carrack/Caravel prospect complex is located about 65 km (40 mi) east of Dunedin in around 1,000 m (3,281 ft) of water. 2D seismic data recently was acquired and it has matured to drillable status.

The Carrack/Caravel prospect is approximately 300 sq km (116 sq mi). The structure is estimated to contain a mean of 750 MMbbl of recoverable oil in Herbert Formation reservoirs, if it is oil charged, or 2.7 tcf (76 bcm) of recoverable gas and 500 MMbbl of associated condensate if it is gas charged.

Origin is currently seeking other companies to participate in the exploration. The company also is working to secure a deepwater rig.

08/08/2008

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