Presented is an Annual Report for PPL 38073, Taranaki Basin, NZ. Enclosed is a Top Tikorangi Limestone map which shows the lead in the southeast of the permit has mapped as a non prospective northwest plunging structural nose. This map has confirmed the Waitara Prospect as a fault controlled structural closure of 37.3 sq kms. However, due to the discontinuous nature of the Tikorangi Limestone reflector on P83-111, Petrocorp proposed to investigate the availability of the DSIR research vessel to conduct a gravity and magnetics survey over the Waitara Prospect.