For those long on Indo-Pacific.
Just in case some have not seen this release. Probably old news to most. Positive movement the past two days. Any thoughts from anyone.
TBG
Wednesday May 13, 3:04 pm Eastern Time
Company Press Release
SOURCE: IREMCO
Indo-Pacific Energy Announces New Seismic Program Started in East
Coast Basin, New Zealand
Westech/Enerco Well Flows at 11.5 Million Cubic Feet a Day
VANCOUVER, B.C., May 13 /PRNewswire/ -- Indo-Pacific Energy Ltd. (the ''Company'') (OTC Bulletin Board: INDX -
news) reports that the Company and other venture participants have commenced a new round of seismic surveying in its East
Coast Basin permits PEP 38328 (Company 40%), PEP38332 (Company 42.5%) and PEP 38330 (Company 34%), all of
which Indo-Pacific operates. These surveys comprise 45 miles of seismic line in each of PEP 38328 and PEP 38332, in the
Hawke's Bay area, and 30 miles of seismic line in PEP 8330, in the East Cape area. The surveys are designed to detail some
of the more interesting structures identified by interpretation of last year's similar surveys, with the intention of defining locations
for drilling later this year and into next year.
These exploration programs have been given an extra relevance and urgency by the recent discovery of gas by the
Westech/Enerco venture in PEP 38329, the permit situated between the Company's PEP 38328 and PEP 38330. The
Kauhauroa-1 well has been reported as flowing sulfur-free gas at a sustained rate of 11.5 million cubic feet per day, with a
very high flowing pressure of 2100 psi, from Miocene sandstones situated near the 4,000 foot depth over a 60 hour test
period. The well is located on a large structure, and further seismic and drilling appraisal of this may lead to the establishment
of major gas reserves. Although the Company holds no interest in this discovery, it is important to the Company in several
respects:
1. Kauhauroa-1 is the first potentially commercial discovery in the huge, but very lightly explored East Coast Basin. The basin
now changes from non-producing to hydrocarbon productive status. This undoubtedly enhances the value of all acreage in the
basin, and international exploration companies' interest in the area will increase.
2. The Company holds a major and key acreage position in the basin, with its gross acreage holdings of nearly three million
acres surrounding the permit in which the Kauhauroa-1 discovery is situated, and incorporating a sizeable proportion of the
most prospective area of the basin. It is worth noting that virtually the entire acreage of the basin is now held under permit,
having been rapidly sought after since the Company first acquired its interests, about two years ago.
3. Many of the structures which the Company is now exploring are geologically similar to that of the Kauhauroa-1 discovery;
and the Company believes that its methodical exploration of its permits over the last two years could lead to multiple and
sizeable oil and gas discoveries in its huge acreage holdings.
4. Unlike the PEP 38329 permit in which the Kauhauroa-1 discovery is situated, the Company's permits enclose sizeable
industries, ports and key gas pipelines of the national transport grid. This means that gas discoveries on the Company's permits
will be more easily developable, and oil discoveries can be brought on stream more readily than in the more remote terrain of
PEP 38329.
The Company has amended the terms of outstanding directors' options. The expiry date of options held by chairman Alex
Guidi (500,000 shares at US$2.50 per share) and the Bennett Family Trust (200,000 shares at US$2.50 per share) have been
extended to October 30, 2000. The Bennett Trust also holds an option to acquire 50,000 shares for US$2.50 before March
25, 1999. The option held by director Brad Holland has been reduced to 300,000 shares at US$2.50 per share and extended
to May 13, 2000.
Indo-Pacific Energy Ltd. (OTC Bulletin Board: INDX - news), one of the IREMCO group of companies, is an emerging, new
frontier exploration company, holding interests in extensive oil and gas properties in the Asia Pacific region.
For further information please contact Mr. Gary Saik, Investor Relations Officer, at 604-609-3361 or e-mail:
gsaik@iremco.com. Map available upon request at 604-682-6496.
NOTE: 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 Company relies on the safe harbor of this act and
cautions 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.
SOURCE: IREMCO
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