New Zealand owned and operated Greymouth Petroleum advised today that it had briefed the Ministry of Economic Development on its plans for Unified Development of the Kaimiro 19/Goldie Pool.

Greymouth has also advised the MED of the reasons why good oilfield practice dictates continued production of the Pool. Greymouth has outlined to the MED its approach and rationale for pool development including an optimal production policy of 'voidage control' for the area involving production of the pool in a slow and steady manner which will conserve reservoir pressures and minimize excessive gas production rates.

Appraisal of the pool is to continue with the drilling of further appraisal wells. At the same time, development planning including the design of injection well and key facilities and pipeline infrastructure is being addressed.

Mark Dunphy, Greymouth's Chairman said; "We are pleased to have had the opportunity to appraise the Ministry of the basis on which this development is being progressed. Greymouth and the Ministry will continue to work in close co-operation on the matter as future development decisions are taken."

For further information please contact Mark Dunphy at Greymouth Petroleum on (09) 366-3634