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Gold/Mining/Energy : Indo-Pacific Energy Ltd. (INDX)
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To: SnakeInATuxedo who wrote (860)1/24/2000 7:49:00 PM
From: Hernan UMANA  Read Replies (2) of 866
 
Company: Indo-Pacific Energy Ltd
Exchange/Symbol: OTCBB:INDX
52 Week High/Low: $1.28/$0.31
Last Close: $0.343
Shares Outstanding: 28.3 Million
=========================

Indo-Pacific Energy and Trans-Orient Petroleum Announce New Zealand
Exploration Well

VANCOUVER, British Columbia, Jan 24 /PRNewswire/ -- Indo-Pacific Energy
Ltd. (OTCBB: INDX) and Trans-Orient Petroleum Ltd. (OTCBB: TEPUF) jointly
announced today that exploration drilling to test the oil and gas potential
of the Whakatu Prospect has commenced. The Whakatu Prospect is located in
Petroleum Exploration Permit 38328, which encompasses a permit area of
approximately 785,000 acres in the East Coast Basin.

The Whakatu Prospect was mapped by a series of seismic surveys and the data
indicates considerable reserve potential at several separate levels of the
well where reservoir may be developed. The surveys also identified a number
of exploration targets of similar type to Whakatu, which may be considered
for future testing.

The PEP 38328 permit area is immediately south of a reportedly large, third
party gas discovery, made last year, which substantially upgraded the
exploration merits of the lightly explored East Coast Basin.

The Whakatu-1 well is being drilled by Century Drilling under the overall
management of Indo-Pacific Energy, the operator of the PEP 38328 permit.
The well is expected to take 3-4 weeks to reach its total depth of 6500 feet.

Interests in the Whakatu-1 well and the permit are:

Indo-Pacific Energy (NZ) Ltd. 40.0%
Boral Energy Resources (NZ) Ltd. 37.5%
Trans-Orient Petroleum (NZ) Ltd. 22.5%

The information included in this news release comprises both historical and
forward-looking information or statements as defined by the Private
Securities Litigation Reform Act of 1995. The Companies rely on the safe
harbor of this Act and caution that there can be no assurance that
forward-looking statements will prove to be accurate, given that resource
exploration activity is inherently a high-risk business.
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