Project Profile
Location: PEP 52676 – East Coast Basin, PEP 52589 – Canterbury Basin, PEP 53674 – North Island\'s Cook Strait sub-basin
Area: PEP 52676 – 99760 hectare, PEP 52589 – 471,600 hectare, PEP 53674 – 241,000 hectare
The 99,760 hectare PEP 52676 permit area, in the north east of the South Island, targets the Blenheim block in New Zealand’s East Coast basin.
On PEP 52589, a 471,600 hectare area targeting the Canterbury basin in the South Island, the companies will reprocess 300 kilometres of existing seismic data within 15 months, acquiring two 40 kilometre shoots of 2D seismic and drilling two exploration wells if all decisions to proceed are made.
The companies would process 500 soil gas samples and other existing data over PEP 53674, which targets 241,000 hectares on the North Island’s Cook Strait sub-basin within the first 15 months under the agreement.
The companies must shoot 21 kilometres of 2D seismic and carry out technical studies over the permit area within the first 15 months – then making a decision to either continue or abandon their works. Should they continue, Rawson and Zeanco will acquire a further 40 kilometres of 2D seismic and technical studies within 24 months and drill one exploration well within 48 months.
Should Rawson and Zeanco decide to proceed, seismic studies of first 20 kilometres, then 40 kilometres of either seismic or magnetotelluric studies would be conducted, with an exploration well drilled within four years.
Operators:
Tag Oil: Operator with 100% interest (as of June 2012)
Rawson Rescources: Operator with 50% interest (Sold to Tag oil)
Zeanco: 50% interest (Sold to Tag Oil)