This report discusses the feasibility of producing hydrocarbons from PEP38602 (Karewa), offshore Taranaki Basin. Seismic mapping in 2015 identified a possible extension to the Karewa field called Karewa East, separated from the main accumulation by a major listric fault. This sparked a geological re-evaluation of the permit (which was previously thought to be not commercially viable), including geochemical and basin modelling studies, digital rock analysis, seismic reprocessing, AVO modelling, and petrophysics. These studies indicate that Karewa East is a separate accumulation. The increased volume assessment and increase in gas price may allow for future commercialisation of the discovery.