News release on Trans-Orient Petrol:
Company Press Release
Trans-Orient Petroleum Ltd. Announces Two for One
Share Split and Consolidation of New Zealand Property
Interests in East Coast Basin
VANCOUVER, British Columbia--(BUSINESS WIRE)--April 20, 1998-- Trans-Orient
Petroleum Ltd. (the ''Company'') announces that it is proceeding to subdivide its common
shares.
The shares will begin trading on a post-split basis on April 29, 1998. Each shareholder of
record on May 4, 1998 will receive an additional common share for each share held. After
giving effect to the subdivision, there will be 28,769,060 shares outstanding. Montreal Trust
Company of Canada will mail share certificates to shareholders of record on May 4, 1998 to
reflect the subdivision.
The Company has acquired from Trans New Zealand Oil Company (OTC BB:TNZO - news;
''TNZO''), a company controlled by Mr. Alex Guidi, a 20% participating interest in Petroleum
Exploration Permit 38332 for payment of TNZO's acquisition and program costs.
PEP 38332 is located in the Hawke Bay area, East Coast, North Island, New Zealand. The other
participants are Indo-Pacific Energy Ltd. (OTC BB:INDX - news; 42.5%), which is the
operator and is associated with the Company and TNZO, and Boral Energy Resources Ltd.
(37.5%), the energy arm of Boral Ltd [Nasdaq:BORAY - news]. The 1,012,000 acre permit has
a five year term expiring June 24, 2002. PEP 38332 is immediately south of PEP 38328, a
785,000 acre permit expiring July 1, 2001 in which the participants are the Company (22.5%),
Indo-Pacific (40%) and Boral Energy (37.5%). Both permits are renewable for a further five
years over 50% of the area. If a discovery is made, a production permit will be granted for 30
years. This acquisition consolidates the interests in some 2,800 square miles of an area that has
seen little modern petroleum exploration.
Approximately 15 miles of seismic data were acquired in PEP 38332 in May, 1997 as an
extension of a 120 mile program in PEP 38328. Several geologic structures in the vicinity of the
border of the two permits were identified. In PEP 38328, the seismic program located a
previously unidentified structure in the northern part of PEP 38328 and anticlinal structures in
the coastal area south of Napier, a city with a population of about 52,000. Further seismic data
are being acquired in April and May to detail the structures on both permits and, based on
results, a decision will be made on drilling locations.
Trans-Orient Petroleum Ltd. (OTC BB:TEPUF - news), one of IREMCO group of companies, is
an emerging, new frontier exploration company, holding extensive oil and gas properties in the
Asia Pacific region, with a core focus on the Timor Sea area. In addition to PEP 38332 and PEP
38328, the company has interests in about 2,786,000 acres of other exploration permits in New
Zealand and a 20% interest in a 1,200,000 acre exploration permit in Papua New Guinea.
On Behalf of the Board
''Mark Katsumata'' Mark Katsumata |
