200million barrel onshore poss 50 plus bagger, page-21

http://www.ogj.com/articles/save_screen.cfm?ARTICLE_ID=167525
"The Canterbury basin is barely explored and highly prospective"
"The compositions of Galleon 1 hydrocarbons indicate source rocks were Late Cretaceous coaly sediments. "

The Kate-1 well will test an anticlinal structure, which has prominent surface expression as well as seismic evidence of sub-surface closures in the approximately 1,050 metre-thick sedimentary section.

The primary target is a sandstone reservoir in the Late Cretaceous Broken River Formation coal measures (450-1050 metres), with secondary targets in younger sandstones and limestones.

kate-1 is targeting late cretaceous broken river coal formations which have shown to be highly prospective(galleon 1) and similar to taranaki and south australia(once joined!)

"All the sedimentary basins around South Island are underexplored, but none offers better upstream and downstream opportunities than the Canterbury basin.

The region has potential for onshore and shallow-water discoveries, and it contains the largest population centers on the South Island.

The Canterbury basin contains >5 km of Cretaceous-Cenozoic sediment1 and covers more than 40,000 sq km (Fig. 2). It extends east into deeper water of the Bounty Trough and is contiguous south with the much larger Great South basin.2 3
Summary

The Canterbury basin is barely explored and highly prospective. Its geology is similar to the producing basins of Taranaki and South Australia, which formed at the same time and were adjacent during Cretaceous rifting.

Late Cretaceous source rocks in particular have comparable petroleum generation characteristics to most Late Cretaceous-Tertiary coaly sediments in the Taranaki basin. They have excellent potential for generation and expulsion of oil as well as gas, attributable to marine influence within the depositional environment. The offshore Galleon-1 discovery proves a working petroleum system within the basin.