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Huinga Update

  1. 7,611 Posts.
    Wellington, New Zealand – August 20, 2002-- /PRNewswire/--

    Indo-Pacific Energy Ltd. (OTCBB: INDOF) reports that all test
    equipment is now installed on site, and the operator advises that
    production testing of the Huinga-1B well is about to commence. The
    Huinga oil discovery is located in Petroleum Exploration Permit 38716,
    onshore Taranaki Basin, New Zealand.

    The test program will consist of an initial five-day ‘clean-up’ flow
    of both test zones. This will be followed by a five-day day flow of
    the upper zone intersected between 13,980-14,058 feet, and a five-day
    day flow of the lower zone between 14,393-14,465 feet. It is expected
    that initial flows will include considerable amounts of drilling
    fluids and lost circulation material, which were lost into the
    formation during drilling. It will, therefore, take some time
    to achieve clean, stabilized oil and gas flow rates.

    This initial test is designed to provide information on formation
    pressures, well productivity and minimum reserve estimates. It is
    possible that the two test zones intersect the same oil pool and that
    this might be a single oil column over a depth interval of 750 feet or
    more. The Huinga structure is mapped on seismic as covering an area of
    up to 2,500 acres within PEP 38716. Similar structures are identified
    to the south in PEP 38716, and in the acreage immediately to the
    north, over which exploration rights were last week awarded to a
    consortium led by Indo-Pacific.

    All oil produced in testing at Huinga will be on-sold, initially under
    a common marketing arrangement of the joint venture. Thereafter, it is
    planned to continue oil production from one or both zones, dependent
    on the results of the initial test. The Company has a 12.3% interest
    in Huinga-1B and the PEP 38716 permit."

    Pay-Day cometh soon...SALTY
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