EXHIBIT 4.3

Form of Stock Option Agreement

THE SECURITIES OFFERED HEREBY HAVE NOT BEEN AND WILL NOT BE
  REGISTERED UNDER (1) THE U.S. SECURITIES ACT OF 1933, AND THE RULES AND REGULATIONS
  PROMULGATED THEREUNDER, OR (2) ANY APPLICABLE CANADIAN LAWS, AND MAY NEITHER
  BE OFFERED OR SOLD WITHIN THE UNITED STATES (AS DEFINED IN REGULATION S) OR
  TO OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION
  S), EXCEPT PURSUANT TO REGISTRATION UNDER THE 1933 ACT OR AN EXEMPTION THEREFROM
  NOR FOR THE BENEFIT OF A CANADIAN RESIDENT EXCEPT IN COMPLIANCE WITH APPLICABLE
  CANADIAN LAWS.

THIS STOCK OPTION AGREEMENT is made as of the 15th day of October, 2002.

|BETWEEN: |                                                                   
|-------- | ------------------------------------------------------------------
|         | Indo-Pacific Energy Ltd.,a body corporate duly incorporated       
|         | pursuant to the laws of the Yukon Territory, Canada and having its
|         | head office at 284 Karori Road, Karori, Wellington, New Zealand   
|         | (the "Company")                                                   
|         |                                                                   
|AND:     |                                                                   
|         | of                                                                
|         |                                                                   
|         |                                                                   
|         | (the "Optionee")                                                  

|WHEREASthe Company
        wishes to encourage the best efforts of the Optionee and to recognize
        the Optionee's efforts by granting to the Optionee options to purchase
        shares in the capital stock of the Company (the Option).
      WHEREASthe Option is being granted pursuant
        to exemptions from registration afforded by Regulation S (Regulation
        S) as promulgated by the United States Securities and Exchange Commission
        (SEC), under the United States Securities Act of 1933,
        as amended and regulations thereto (the 1933 Act), and under
        the British Columbia Securities Actand rules and regulations thereto
        (the B.C. Act) (the 1933 Act and the B.C. Act are collectively
        referred to herein as the Securities Laws).NOW THEREFOREin consideration of the mutual covenants and agreements
        herein, the parties agree as follows:Interpretation
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|Representations and Warranties of the Optionee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|3.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

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|                                                    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | the execution of this Agreement and
        all related documents by the Optionee have been duly authorized, and the
        Optionee has the full power and capacity to enter into this Agreement.                                                                                                                      
|--------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                   
|Grant of Option                                    
|                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|4.                                                  | The Company hereby grants
        to the Optionee the Option to purchase all or any portion of ________
        fully paid common shares (Optioned Shares) of the Company
        from treasury, exercisable at the price of US$1.25 per share (the "Exercise
        Price"), until on or before October 15, 2007 (the "Expiry Date"). The
        Optioned Shares will vest completely over the next eighteen months, vesting
        as to 25% of the Optioned Shares upon execution of this Agreement, then
        25% of the Optioned Shares every six months thereafter.                                                               
|                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|5.                                                  | The Option is exercisable
        by notice in writing to the Company Secretary accompanied by a certified
        cheque or equivalent form of guaranteed payment in favour of the Company
        for the full amount of the purchase price of the shares being then purchased
        at least 24 hours in advance of the termination or expiry of the Option.
        When due notice and payment are received, the Company covenants and agrees
        to issue and deliver to the Optionee share certificates or equivalent
        type of proof of ownership in the name of the Optionee for the number
        of shares so purchased.
|                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|6.                                                  | This is an option agreement
        only and does not impose upon the Optionee any obligation to take up and
        pay for any of the Optioned Shares. This Agreement does not constitute
        an employment agreement nor any commitment to employ or retain the Optionee
        and any relationship governing the Optionee's remunerative relationship
        with the Company will be governed by a separate agreement or, failing
        which, applicable law                                                                                                                                                                     
|                                                   
|Restrictions on Transfer of Option and
      Shares
|                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|7.                                                  | The Option will not be transferable
        or assignable by the Optionee and the Option may be exercised during the
        lifetime of the Optionee only by the Optionee, except as permitted by
        paragraph 9.                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|8.                                                  | The Optionee acknowledges
        and agrees that the Optioned Shares will be subject to the following resale
        restrictions and conditions:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                          
|                                                    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Prior to the expiration of 40 days following
        the exercise of the Option hereunder, the Optionee may not offer, transfer
        or sell the Optioned Shares to a U.S. Person, or a person in the United
        States;                                                                                          
|                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                          
|                                                    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | The Optioned Shares may not be resold
        to a resident of any Province of Canada, other than a resident of British
        Columbia, except in accordance with an exemption from the registration
        and prospectus requirements under the securities laws and regulations
        applicable in such Province;
|                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                          
|                                                    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | If the Optionee is a Senior Officer
        or Director of the Company, the Optioned Shares may not be resold, unless
        the Optionee has no reasonable grounds to believe that the Company is
        in default of securities legislation; and                                                                    
|                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                          
|                                                    | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | If the Optionee is a resident of a jurisdiction
        other than the province of British Columbia, Canada, the Optioned Shares
        may also be subject to additional hold periods in such jurisdiction and
        it is the obligation of the Optionee to comply with such local rules.                           
|                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|9.                                                  | If the Optionee should die
        while this Agreement is in effect then, the Option may then be exercised
        by the legal heirs or personal representatives of the Optionee, to the
        same extent as if the Optionee were alive and a Director, Senior Officer
        or employee of the Company for a period not exceeding the earlier of 6
        months after the death of the Optionee, or the Expiry Date, but only for
        such shares as the Optionee was entitled to at the date of the death of
        the Optionee.                                                                                               

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|Termination and Expiry of Option     
|-------------------------------------
|                                     
|10.                                  
|                                     
|11.                                  
|                                     
|Adjustment                           
|                                     
|12.                                  
|                                     
|Covenants of the Company and Optionee
|                                     
|13.                                  
|                                     
|14.                                  
|                                     
|15.                                  
|                                     
|16.                                  
|                                     
|17.                                  
|                                     
|General Provisions                   
|                                     
|18.                                  
|                                     
|19.                                  

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|20. | This Agreement may be executed in counterparts which
        may be delivered by facsimile. Each executed counterpart shall be deemed
        to be an original and all such counterparts when read together constitute
        one and the same instrument.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

IN WITNESS WHEREOFthe parties have hereunto caused these presents to
  be executed as of the day and year first above written.

|Signed for and on behalf of Indo-Pacific Energy Ltd.            | ) |                          
|--------------------------------------------------------------- | - | -------------------------
|by its duly authorized attorney in the presence of:             | ) |                          
|                                                                | ) |                          
|                                                                | ) |                          
|                                                                | ) |                          
|_______________________________________________________________ | ) |                          
|Witness                                                         | ) |                          
|                                                                | ) | Authorized Signatory     
|                                                                | ) |                          
|                                                                | ) |                          
|                                                                |   |                          
|SIGNED, AND DELIVERED in the presence of:                       | ) |                          
|                                                                | ) |                          
|                                                                | ) |                          
|_______________________________________________________________ | ) |                          
|Name                                                            | ) | _________________________
|                                                                | ) | OPTIONEE                 
|_______________________________________________________________ | ) |                          
|Address                                                         | ) |                          
|                                                                | ) |                          
|_______________________________________________________________ | ) |                          
|                                                                | ) |                          

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