Permit Surrender Report PEP 55769 - Sidewinder East

This report details work done under PEP 55769, and reasons for permit relinquishment. Work done includes reprocessing 90 sqkm of the KIN-Merge 3D for post-stack inversion and AVO analysis, and a cuttings study with emphasis on facies and depositional environment. Two main prospective play types and high graded various leads were identified within the acreage, and TAG Oil believes prospectivity remains within the acreage, particularly in the Mt Messenger and Kapuni Group. Revised risk and only slightly positive economics did not meet TAG's internal project approval criteria, leading to relinquishment of the permit.