An Evaluation of PPL 38113, Offshore Taranaki, New Zealand, With Proposals For Drilling Prospect Alpha.

During the first two years of PPL 38113, NZOG has acquired 1290km of 48-fold seismic line which has enabled mapping of the entire Licence, with greater detail on major prospects. Extensive gravity, magnetic and seismic refraction data has also been obtained. Good data control has permitted the mapping of 5 prospects with structural closures and a series of leads which employ structural and stratigraphic components of entrapment. One major high (Prospect Alpha) has been detailed using reflection seismic on a 1250m grid. Estimated recoverable reserves for Prospect Alpha amount to a 500 MMBBL recoverable oil or alternatively 3.9 TCF wet gas yielding 215 MMBBLS condensate and LPG. Other drillable prospects with reserves in excess of 100 MMBBLS recoverable oil also presents targets for future drilling.