200million barrel onshore poss 50 plus bagger, page-11

New Zealand, Canterbury Basin (Map 2)
Permits PEP 38262 and PEP 38264, Origin 100%

Origin acquired the 1231 km Carrack Seismic Survey in PEP 38262 in March 2006 and also applied for, and was granted adjacent permit PEP 38264 on 8 November 2006.

Based on new seismic results, Origin believes that an untested petroleum system may be developed in the deep water areas of the Canterbury Basin. Robust structural leads have been identified in both permits and these have the potential to hold very large volumes of oil and/or gas. Origin has contracted the seismic vessel CGG Duke to acquire additional 2D seismic (1,300 km Wherry Survey in PEP 38264 and PEP 38262, 910 km Caravel Survey in PEP 38262), with acquisition likely to commence in March 2007.