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News Release on Huinga 18/7

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    Wellington, New Zealand – July 18, 2002-- /PRNewswire/--

    Indo-Pacific Energy Ltd. (INDOF) advises that a flow test of the uppermost Kapuni Formation sandstone in the Huinga-1B well in exploration permit PEP38716, was carried out over the last weekend. The test was of the open hole interval from 4,371m (14,340 feet) to
    approximately 4,429m (14,530 feet), beneath the base of the 7” casing. Due to plugging of the test tubing by rock material moving with the fluid, the effective flow time of the test was limited to about 3 hours. During this time a total of 90 barrels of fluids was
    recovered from the formation, of which 21 barrels was a dark, waxy 32 degree API sweet oil, the remainder being oil cut water, which is considered to be predominantly or totally drilling fluids lost into
    the formation during drilling.

    Pressure data from the test has now been recovered and analyzed, and indicates that the rocks in the test interval have been affected by the substantial amounts of drilling fluids and lost circulation material absorbed by the formation. Hence the flow results may be a
    conservative statement of the flow potential of this reservoir.

    Similar hydrocarbon shows in sandstones beneath the test interval down to the 4,500m (14,764 feet) and in fractures in the basement rock above the test interval, are consistent with the presence of a hydrocarbon column in sandstone and associated fractures over a
    vertical extent of at least 230m (750 feet). Further flow testing of these intervals should resolve whether this is so.

    The present operation is to set a 5” casing liner in the open hole interval to at least cover the tested interval, then to perforate casing opposite this tested interval and opposite the fractures above, and to set a sliding sleeve production tubing assembly into the well. Thereafter, the rig will be released from the site.
    Extended flow-testing of both the Kapuni sands and the fractures will then be conducted. This is expected to commence in the next few weeks.

    The Huinga-1 site is located on the eastern margin of the Taranaki Basin, New Zealand, 3 miles east of Swift Energy’s Waihapa oil and gas production station and pipeline system. The Huinga structure has been mapped on seismic as extending over an area of several square miles adjacent to the Taranaki Boundary Fault. The prospectivity of this fault trend has been highlighted by Swift Energy’s Rimu and Kauri oil discoveries, and the Makino-1 well just south of PEP 38716.

    Indo-Pacific holds a total 12.3% interest in PEP 38716 and the Huinga-1B well, and is paying 12.3% of incremental Huinga-1B costs over the expenditure limit of its ‘carry’ agreement with Preussag Energie. Other participants are Swift Energy Company, Preussag
    Energie GmbH, Bligh Oil & Minerals NL, Pancontinental Oil & Gas NL and Impress Ventures Ltd.

    CONTACT: Investor Relations, Indo-Pacific Energy Ltd.
    Tel: 1 866 999 4639
    Web site: http://www.indopacific.com
    Email [email protected]
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