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PML 38146 Exploration Well - Momoho 1(Offshore Taranaki Basin, New Zealand)

ASX/Media Releases

24 Jul 2008

Origin Energy Resources (Kupe) Limited, on behalf of the Kupe Joint Venture, advises that at 12.00pm EST on 23 July the following plug and abandonment operations have been completed on Momoho 1:

• A two stage cement plug has been placed across the entire open-hole section from 3,145 metres RT (below rotary table) back to 2,767 metres RT, 116m inside the 9-5/8 inch casing. The plug was pressure tested to 1550 psi and tagged to verify the depth.
• The 9-5/8 inch, 13-3/8 inch, 18-5/8 inch and 30 inch casing strings have been cut sequentially, just below the seabed and the surplus casing removed.

The rig is currently waiting for appropriate weather conditions to set the final surface cement plug and conduct a seabed survey, prior to jacking down and moving off location. The next suitable window is expected towards the end of the week.

Drilling began on 13 June 2008 and progress to date is summarised as follows:

	36 inch	22 inch	17 inch	12-1/4 inch	8-1/2 inch
Planned	170.5m	550m	1,830m	2,855m	3,142.5m
Actual	180m	561m	1,845m	2,898m	3,145m

*Depths are cumulative and show total well depth measured below the rotary table (MDRT).

Partners in the Kupe permit PML38146 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. 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

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