.55 interst in 200mbo prospect early april

TAG lost permit to GGX. GGX has 55% interest.
Large dome with oil and gas seeps. Onshore heavy transport route into site(nearby to a landfill)
Tag had a "risk valuation" for Kate-1 of US$245 million (NZ$336 million).
TAG geologist said, "there is nothing better than seeing a big surface anticline with oil seeps."
A potential reservoir is located at approximately 1,200 metres depth and if this reservoir structure is full, TAGs volumetric calculations indicate as much as 200 MIILION BARRELS OF OIL may be associated with this structure.

Drilling set to occur early April. Now with potential for 200 million barrels onshore(costs only 600k to drill) SP wont be at 6c for long now will it?



"Perhaps the most exciting prospect that TAG currently has is "Kate", which is located in the onshore portion of one of our Canterbury permits. The Kate prospect is located at a surface "anticline" which is essentially a 15 km2 "mound", protruding out of the surrounding Canterbury Plains. A number of high grade oil seeps are visible at the surface along the perimeter of this anticline. The seeping oil has been confirmed as "thermogenic"
A potential reservoir is located at approximately 1,200 metres depth and if this reservoir structure is full, TAGs volumetric calculations indicate as much as 200 MIILION BARRELS OF OIL may be associated with this structure.
Initial 2-D seismic has been completed and has confirmed that the anticline formation continues at depth. Further seismic is planned in the next 6 months to locate an optimal drilling location to test this very exciting prospect."