TAG lost the permit as was basically screwed out of it. TAG was...

TAG lost the permit as was basically screwed out of it.
TAG was gutted!!! Giving it up easily is crap I know this story well.KATE was the jewel in their exploration crown!
GGX moved in straight away and now has upped its stake to 55% interest.

From TAGS mouth...
"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."

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."

Any comapany has 1/10 chance of success and drills dusters before it hits oil. Look at the JV in Taranaki! TUI oilfield is the best field going and the area will have many more discoveries. KATE being onshore and only costing approx 1 million to drill a 200million barrel prospect makes it an extraordinary situation.
A strike here would send GGX to 3-5 dollars.