2009 Annual General Meeting

New Zealand Exchange Limited
P.O. Box 2959
Wellington

29 June 2009

Dear Sir,

2009 MEETING OF SECURITYHOLDERS

Widespread Energy Limited held its annual general meeting this afternoon

and advises that all resolutions that were put to the meeting were duly

passed.

The following address was delivered to the meeting.

Address to Widespread Energy 2009 AGM

Introduction

·        The company is at quite an exciting stage of its development

·        It has cash and several promising exploration assets that are being progressed

·        Our assets consist of our two directly owned PEPS (both on the West Coast of the South Island), our 11.8% shareholding in Green Gate Limited, our 90% share of the Chatham Rise Rock Phosphate Joint Venture, and a 13.3% shareholding in Fiji based Akura Limited.

Kotuku

·        The year one work programme for Kotuku (PEP 38526) was completed in September 2008 and the results reported to Crown Minerals.

·        The programme lead to the identification of a number of new leads which are described in detail and mapped in the annual report.

·        Further geophysical work is recommended by our consultants Geosphere and this work is intended to be undertaken either by Widespread or by third parties who may farm into the permit. (deadline March 2010)

·        We hold approximately half of the Kotuku structure, the other half is held by private company Ocean Harvest which recently drilled a well.

·        We don’t know the outcome of that well but it’s interesting that Ocean Harvest recently purchased from us some seismic data relating to our portion of the permit.

Offshore West Coast

·        The year one work programme for PEP 50439, (offshore West Coast) was recently completed and the year one report filed with Crown Minerals.

·        Six leads were identified during the work programme. Again, these are described in more detail in our recently published annual report.

·        It is anticipated that a joint venture will be formed to fund and conduct the next stages within the work programme. (deadline March 2012)

Green Gate

·        Green Gate Limited is now focussing its energies on one prospect, PEP 51150 in onshore Taranaki, which it now holds 33% and is hoping to move to 100%. GGL is committed to drilling a well within the next 16 months.    

Chatham Rise

·        The Chatham Rise Joint Venture applied in 2007 for a prospecting licence over an area of 3,048 sq km on the Chatham Rise seabed, approximately 600 km from Christchurch and quite near the Chatham Islands. This ground contains significant deposits of rock phosphate, (possibly as much as 100 million tonnes) the main constituent of the fertilisers manufactured in New Zealand.

·        At present virtually all of this rock phosphate is imported from Morocco.(1 million tpa)

·        Initial feasibility studies indicate that it may be much cheaper to mine this deposit than to buy it from the Moroccan suppliers and ship it here.

·        Recently Crown Minerals issued draft terms and conditions for the licence and we are now working with them to finalise these.

·        When the licence is granted the work programme for the first 12 months will commence immediately. It includes the digitisation and reanalysis of historic exploration data, a full prefeasibility study, and the planning of an exploration programme to be carried out in year two.   

·        The Joint Venture has sufficient funding in place to finance the minimum work programme commitment for two years but may raise further funding if early results are encouraging. Further down the track an initial public offer (IPO) is not out of the question. Hurdles to overcome include project economics and perceived environmental issues

Akura

·        Akura Limited is about to be granted three oil and gas prospecting licences in Fiji. As already advised in the annual report we do not intend to invest further in this project until political stability returns to Fiji

Conclusion

·        In summary, our company, which has a present market value of $2 million, has quite a bit on the go.

·        We are confident that if any of our projects are successful that our shareholders should benefit from an increase in the value of the company.     

For and on behalf of the Board,

Chris D Castle

Onekaka, 29 June 2009