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The incident unfolded about 3.20am, when police stopped a black 2004 model Nissan Fairlady, registration number KHP477, in Wansbeck St.
After the male driver and the female passenger had been spoken to by police, an officer ran a check of the vehicle's licence plates and during that time, the driver sped off in the direction of Humber St.
Police pursued the vehicle, which had been reported stolen on April 5, but abandoned the chase after about three minutes because of the nature and speed of the man's driving.
The vehicle was last seen in the area around Orwell St.
Sergeant Tony Woodbridge, of Oamaru, said police were seeking information from the public on the pursuit and the driver.
"It is a stolen vehicle and we are unsure of the identity of the driver. There won't be may people out and about at 3.20am on a Tuesday morning, but if anyone saw where that vehicle went, we would like to know."
Oamaru police (03) 433 1400; or Crimestoppers 0800 555 111.