NEW ZEALAND OIL & GAS LIMITED

New Zealand Oil & Gas Limited is a New Zealand-based exploration and production company. The Company’s asset includes Tui Area Oil Development, Kupe project and Pike River Coal Development. The Tui Area Oil Fields are located in the offshore Taranaki basin, New Zealand. Three separate oil accumulations have been developed in the Tui Area Oil Fields, including Tui, Amokura and Pateke. The Kupe project is developing a gas and light oil/condensate field that lies in the offshore Taranaki basin, New Zealand. The drilling and testing of the three Kupe Development Wells in PML 38146 was successfully completed in June 2008. The Pike River Coal mine is on the West Coast of New Zealand’s South Island. It is an underground mine targeting coking coal.