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NZ 3D Seismic Survey Permit

Octanex N.L.  is pleased to announce it has signed a contract with Reflect Geophysical PTE Ltd (“Reflect”) to acquire the 270 km² Kakapo 3D marine seismic survey (“Kakapo MSS”) within the PEP 51906 permit, located offshore of Taranaki, New Zealand. The Company’s wholly-owned subsidiary, Octanex NZ Limited (“Octanex NZ”), holds a 100% interest in PEP 51906, which is the first permit granted to the Company outside of Australia. Reflect is a Singapore-based company and its seismic vessel, “Reflect Resolution”, will carry out the survey. It is expected that data acquisition will commence on or about 14 August 2010. PEP 51906 was granted to Octanex NZ in November 2009 for an initial term of 5 years. The permit work programme requires Octanex NZ to reprocess 1,500 km of existing seismic data within the first 18 months. That work was completed a year ahead of time. Interpretation of the reprocessed data identified a third lead in the south of the permit, Kaka, adjacent to the existing known leads of Kea Deep and Kakapo. A contract for the processing of the Kakapo 3D data has not yet been let, but the expectation is the new data will be processed and available for interpretation and mapping before Q1 2011. The work programme for the second 18 month period of the permit is the acquisition of up to 1,000 km of new 2D seismic data. The New Zealand Ministry of Economic Development has confirmed to Octanex NZ that the Kakapo MSS will meet this commitment. The PEP 51906 permit is strategically located in what is considered to be a highly prospective area of New Zealand’s only producing hydrocarbon basin; the Taranaki Basin. It covers an area of 1,613 km² and is adjacent to three producing fields; the Maui gas/condensate field to the north and east (which has been in production since 1979), the Tui oil field to the north-east (which has been producing since 2008) and the Maari/Manaia fields to the south (which commenced production in 2009).