Widespread Energy's Green Gate gains 100% of Taranaki licence

New Zealand Exchange Limited
P.O. Box 2959
Wellington

16 September 2009

Dear Sir,

Widespread Energy’s Green Gate gains 100% of Taranaki licence

Widespread Energy holds 11.8% of Green Gate Ltd, a Nelson based, privately owned New Zealand oil and gas exploration company.

Green Gate previously held 33.3% of on-shore Taranaki license PEP 51150, with the other 66.7% being held by ASX listed GB Energy. On Friday 10 July GB Energy announced it was assigning its 66.7% stake in PEP 51150 to Green Gate. This assignment has now been approved by Crown Minerals.

Green Gate is proposing to drill PEP 51150 early in 2010.

We consider this increased involvement by Green Gate in this Taranaki license to be a positive development for both Green Gate and potentially for Widespread Energy.  

WEN still holds and is steadily progressing other significant energy sector opportunities, including:

• The Kotuku oil seeps near Lake Brunner (PEP 38526) at Kotuku (near Lake Brunner),
• PEP 50439, offshore west coast of the South Island,
• Three recently granted oil and gas licences held by Akura Limited in Fiji,
• The Chatham Rise rock phosphate project.

For and on behalf of the Board,

Chris D Castle

Onekaka, 16 September 2009