Widespread Energy terminates Kotuku exploration bore

New Zealand Exchange Limited
P.O. Box 2959
Wellington

19 April 2010

Dear Sir,

Widespread Energy terminates Kotuku exploration bore

Last week Widespread Energy recommenced drilling a stratigraphic bore near the Kotuku oil seeps in its 100% held petroleum exploration permit (PEP 38526).

After several attempts to re-enter Widespread 1A failed (due to engineering difficulties with the 6 inch casing) the decision was made to plug and abandon the bore.

While the target depth of 250 metres was not reached there were persistent oil shows in a 69 metre interval from 21 metres to 90 metres.

Our immediate focus now is to undertake a detailed analysis of the data gathered to date before planning the next stages of the exploration programme. 

For and on behalf of the Board,

Chris D Castle

Onekaka, 19 April 2010