Goldie-1 Progress Report and OTC Listing

Apr 10, 2001, 01:00 ET from Indo-Pacific Energy Ltd.

    WELLINGTON, New Zealand, April 10 /PRNewswire/ --
 Indo-Pacific Energy Ltd. (OTC: Bulletin Board: INDX) advises that the Goldie-1
 well continues to produce in a stable manner, at an average rate of
 approximately 700 barrels of oil per day, with of order 1/4 million cubic foot
 of gas per day, and no water. During the month from commencement of flow
 testing on March 9 up to April 9, which included several test shut-in
 intervals, the well produced 15,000 barrels of oil. Indo-Pacific has
 transported this oil by road to the port of New Plymouth, where it has been
 sold under contract. At the present time there is no market for the gas, but
 discussions have been held with representatives of Shell Petroleum regarding
 the feasibility of linking both the oil and the gas production into the
 Kaimiro field pipelines, which run less than half a mile from the location.
 Further wells into the Goldie oil pool will be considered after a few months
 of production history has been achieved.  Other targets within and near the
 Ngatoro permit area, such as the Tabla prospect, similar  to Goldie and
 situated about 3 miles to the southeast, might also be drilled later in the
 year.
     The company will also be drilling the Kahili-1 well during 3rd quarter
 2001. This is situated about 10 miles east of Goldie, and will be drilled to
 9,500 feet depth to test several play levels on the Tariki thrust trend, north
 of the Tariki gas-condensate field (see company release of December 08, 2000).
 The Waingaromia-2 well is also scheduled for drilling during 2nd quarter 2001.
 This is situated in the East Coast Basin, adjacent to the old Waingaromia-1
 oil producer, and will be drilled to about 1,700 feet using a truck mounted
 rig. These operations are managed from the company's offices in Wellington,
 New Zealand, which now also handles all corporate functions of Indo-Pacific
 Energy.
     Indo-Pacific Energy also advises that as of Friday April 6, the SEC had no
 further comment regarding the company's past filings, and Indo-Pacific is now
 applying to list on the NASD OTC exchange. It is expected that following
 processing of this application by the NASD, the company's stock will trade on
 the OTC (Bulletin Board) exchange in the next few weeks, although the trading
 symbol might be changed. Further advice on this will be issued at a later
 date.
 
     CONTACT:  Investor Relations, Indo-Pacific Energy Ltd. tel:  866-999-4639
     Web site:  http://www.indopacific.com       Email   info@indopacific.com
 
     This release includes certain statements that may be deemed to be
 "forward-looking statements." All statements in this release, other than
 statements of historical facts, that address future production, reserve
 potential, exploration drilling, exploitation activities and events or
 developments that the Company expects are forward-looking statements. Although
 Indo-Pacific believes the expectations expressed in such forward-looking
 statements are based on reasonable assumptions, such statements are not
 guarantees of future performance and actual results or developments may differ
 materially from those in the forward-looking statements. Factors that could
 cause actual results to differ materially from those in forward-looking
 statements include oil and gas prices, exploitation and exploration successes,
 continued availability of capital and financing, and general economic, market
 or business conditions. Investors are cautioned that any such statements are
 not guarantees of future performance and that actual results or developments
 may differ materially from those projected in the forward-looking statements.
 
 

SOURCE Indo-Pacific Energy Ltd.
    WELLINGTON, New Zealand, April 10 /PRNewswire/ --
 Indo-Pacific Energy Ltd. (OTC: Bulletin Board: INDX) advises that the Goldie-1
 well continues to produce in a stable manner, at an average rate of
 approximately 700 barrels of oil per day, with of order 1/4 million cubic foot
 of gas per day, and no water. During the month from commencement of flow
 testing on March 9 up to April 9, which included several test shut-in
 intervals, the well produced 15,000 barrels of oil. Indo-Pacific has
 transported this oil by road to the port of New Plymouth, where it has been
 sold under contract. At the present time there is no market for the gas, but
 discussions have been held with representatives of Shell Petroleum regarding
 the feasibility of linking both the oil and the gas production into the
 Kaimiro field pipelines, which run less than half a mile from the location.
 Further wells into the Goldie oil pool will be considered after a few months
 of production history has been achieved.  Other targets within and near the
 Ngatoro permit area, such as the Tabla prospect, similar  to Goldie and
 situated about 3 miles to the southeast, might also be drilled later in the
 year.
     The company will also be drilling the Kahili-1 well during 3rd quarter
 2001. This is situated about 10 miles east of Goldie, and will be drilled to
 9,500 feet depth to test several play levels on the Tariki thrust trend, north
 of the Tariki gas-condensate field (see company release of December 08, 2000).
 The Waingaromia-2 well is also scheduled for drilling during 2nd quarter 2001.
 This is situated in the East Coast Basin, adjacent to the old Waingaromia-1
 oil producer, and will be drilled to about 1,700 feet using a truck mounted
 rig. These operations are managed from the company's offices in Wellington,
 New Zealand, which now also handles all corporate functions of Indo-Pacific
 Energy.
     Indo-Pacific Energy also advises that as of Friday April 6, the SEC had no
 further comment regarding the company's past filings, and Indo-Pacific is now
 applying to list on the NASD OTC exchange. It is expected that following
 processing of this application by the NASD, the company's stock will trade on
 the OTC (Bulletin Board) exchange in the next few weeks, although the trading
 symbol might be changed. Further advice on this will be issued at a later
 date.
 
     CONTACT:  Investor Relations, Indo-Pacific Energy Ltd. tel:  866-999-4639
     Web site:  http://www.indopacific.com       Email   info@indopacific.com
 
     This release includes certain statements that may be deemed to be
 "forward-looking statements." All statements in this release, other than
 statements of historical facts, that address future production, reserve
 potential, exploration drilling, exploitation activities and events or
 developments that the Company expects are forward-looking statements. Although
 Indo-Pacific believes the expectations expressed in such forward-looking
 statements are based on reasonable assumptions, such statements are not
 guarantees of future performance and actual results or developments may differ
 materially from those in the forward-looking statements. Factors that could
 cause actual results to differ materially from those in forward-looking
 statements include oil and gas prices, exploitation and exploration successes,
 continued availability of capital and financing, and general economic, market
 or business conditions. Investors are cautioned that any such statements are
 not guarantees of future performance and that actual results or developments
 may differ materially from those projected in the forward-looking statements.
 
 SOURCE  Indo-Pacific Energy Ltd.