NEWS RELEASE
INDO-PACIFIC UPDATE FOR HUINGA-1 WELL
April 23, 1999 - San Francisco, CA
OTCBB Trading Symbol: INDX
The Huinga-1 well, currently underway on PEP 38716 in New Zealand's Taranaki Basin, has reached a depth of 8000 ft. and is drilling ahead toward the first primary target, the Tikorangi Formation, expected to be encountered at approximately 8700 ft. In addition to being an attractive multi-targeted play, the Huinga-1 well is also located less than three miles from existing oil and gas processing and pipeline infrastructure.
The Company holds a 19.8% interest in the well and the 38716 permit area, while the Company's effective financial contribution to the drilling of the well is less than 10% of the total well costs.
Indo-Pacific Energy Ltd., one of the IREMCO group of companies, is an international oil and gas exploration and production company, holding interests in an extensive portfolio of oil and gas properties in Australia, New Zealand, Papua New Guinea and China.
On Behalf of the Board,
Alex Guidi, Chairman and Director
Further information is available at www.indopacific.com or by contacting Mr. Gary Saik, Investor Relations Officer, at 415-951-1917 or email: gs@indopacific.com.
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 t here can be no assurance that forward-looking statements will prove to be accurate given that resource exploration activity is inherently a high risk business.
|
