Chatham Rise Phosphorites Progress Report

New Zealand Exchange Limited
P.O. Box 2959
Wellington

22 December 2009

Dear Sir,

UPDATE ON CHATHAM RISE PHOSPHORITES PROSPECTING LICENSE

Further to the interim announcement for Widespread Portfolios that was released on 25 November, we are pleased to advise that there has been progress in working towards the grant of a prospecting license for the central Chatham Rise with Crown Minerals.

A Joint Venture comprising Widespread Energy (90%) and Widespread Portfolios (10%) applied for this license in August 2007. Since that time there have been lengthy negotiations on several aspects of the terms and conditions for the license.  While the Joint Venture and Crown Minerals initially held contrasting positions on the appropriate license terms (as illustrated in our preliminary announcement last month), recent negotiations have been much more positive.  On this basis, the Joint Venture anticipates that the license will be issued by Crown Minerals early in the New Year.

For and on behalf of the Board,

Chris D Castle

Onekaka, 22 December 2009