This report models the relative timing and total volumes of hydrocarbon generation and expulsion in the SW corner of the Taranaki Basin in an attempt to quantify the prospectivity of licence block PEP38460. Three main modelling phases were used in the study: 1D modelling of thermal, burial and hydrocarbon generation history in wells; creation of palinspastic re-construction maps; and areal mapping of hydrocarbon expulsion. The estimated volume of oil expelled in the study area is 189 bbl. Although hydrocarbon volumes are substantial, migration pathways in to the licence block were considered few. In general it was considered that mature kitchen areas are present adjacent to candidate Prospects and Leads with both fault planes and Paleogene intervals likely.