Flow Testing To start this weekend

Todays announcement is very positive but somehow no one noticed it so here it is.This is from the PCL ASX site.

Regards M.


NZ- PEP38716 Taranaki Basin

Document date: Tue 13 Aug 2002 Published: Tue 13 Aug 2002 12:21:06
Document No: 147907 Document part: A
Market Flag: Y
Classification: Progress Report
BLIGH OIL & MINERALS NL 2002-08-13 ASX-SIGNAL-G

HOMEX - Brisbane

+++++++++++++++++++++++++
NEW ZEALAND - PEP38716, TARANAKI BASIN, BLIGH INTEREST: 24.80%

Marabe1la Enterprises Limited, Operator for the PEP38716 Joint
Venture, reports that preparations are underway for the extended
production test of the Huinga 1B well. Wireline operations to remove
a safety plug in the completion tubing should commence tomorrow.
Simultaneously the surface production equipment will be installed and
pressure tested. It is envisaged that initial flow from the well, to
clean out any completion and drilling fluid, will be over the coming
weekend. After the clean-up phase the Murihiku and Kapuni formation
will be flow-tested separately.

The Huinga prospect is located on the prospective eastern margin
trend in the Taranaki Basin, New Zealand, north of the recently
drilled Makino-1. Huinga-1B has provided further confirmation
of the prospectivity of this trend, initially established by the Rimu
and Kauri discoveries, and further enhanced by the results of the
Makino-1. Huinga-1B was directionally drilled from the existing
Huinga 1 well bore, to target sandstones of the Tariki and Kapuni
Group at a location approximately 550 metres west of the Huinga
wellsite. Although the well did not encounter the Tariki sandstone,
oil-bearing Kapuni Group sandstones were encountered directly beneath
the Murihiku thrust block. The Tariki remains a prospective target,
but at a location west of the current well bore.

Bligh has a 24.80% interest in PEP38716, through its wholly owned
subsidiary, Marabella Enterprises Limited and is Operator of the
permit and the well. The other participants in the well and permit
are:

Preussag Energie GmbH 24.00%
Swift Energy NZ Limited 15.00%
AWE New Zealand Pty Limited 12.50%
Indo Pacific Energy(NZ)Limited 7.30%
Pancontinental Oil & Gas NL 6.60%
PEP38716 Limited 5.00%
Springfield Oil and Gas Limited 4.80%*

* Subject to Joint Venture and government approvals; Springfield Oil
& Gas Limited is a wholly owned subsidiary of Impress Ventures Ltd.

B D Emmett
CHIEF EXECUTIVE OFFICER

For further information please contact,
Mr Brent Emmett