WEN 15/05/2008 MINE REL: 0933 HRS Widespread Energy Limited...

WEN
15/05/2008
MINE

REL: 0933 HRS Widespread Energy Limited

MINE: WEN: Widespread Energy provides further Kate 1 well update

New Zealand Exchange Limited
P.O. Box 2959
Wellington

15 May 2008

Dear Sir,

Widespread Energy provides Kate 1 well update

Widespread Energy holds 11.7% of Nelson based oil and gas exploration company
Green Gate Limited.

Green Gate is presently drilling an exploration well (Kate 1) on the onshore
Kate Anticline oil prospect near Amberley in PEP 38260, using the Rover drill
rig, owned and operated by New Zealand based NRG Drilling.

Yesterday in Australia ASX listed Gas2Grid (who are funding the well) made
the following announcement:

"The Directors advise that at approximately 12.00 hours today the Kate-1 well
reached interpreted basement at 1,050 metres, close to prognosis. The well is
currently at TD of 1,112 metres, with current operation pulling out of the
hole to run electric logs. No hydrocarbon shows have been reported in the
well"

The directors of Widespread Energy (who also have representatives on-site)
consider this announcement premature.

They confirm that The Kate-1 well reached total depth of 1,112m yesterday,
and that it is currently being prepared for wireline logging and evaluation.

Whatever the result of the evaluation of the well, it has verified several of
the factors considered to indicate a likely petroleum system in Green Gate's
extensive North Canterbury permits, and thus provides a very useful new point
of reference for refinement of further efforts towards commercial oil or gas
discovery in the previously largely unexplored region.

A further statement will be issued when logging has been completed and the
results reviewed, probably during Friday 17 May.

For and on behalf of the Board,

Chris D Castle