This report outlines Cheal Petroleum Ltd's current understanding of the remaining Tertiary aged prospectivity within PEP 54877, onshore Taranaki Basin. In particular, this review concentrates on the prospectivity identified in the Miocene aged Urenui, Mt Messenger and Moki Formations and the deeper Eocene aged McKee and Mangahewa Formations. Of the prospects identified, the Brookes prospect is the most attractive. However, refinement of the volumetric estimations is recommended to further high grade the prospects.