hopes of 25m barrels, page-12

Heres the article.Way better than other papers and big GGX focus-though not suprised after fridays email lol.
Like 55% of 4 billion NZD gross revenue= 2.2 billion to GGX


Gas to Grid hopes of 25m barrels
Marta Steeman - The Press | Saturday, 10 May 2008

Small Australian explorer Gas to Grid, with Nelson partner Green Gate, has started drilling for oil near Amberley, north of Christchurch, in the hope of finding a field of up to 25 million barrels.



Chris Castle, of Widespread Energy, a small shareholder in Nelson-based oil explorer Green Gate, said the prospect could contain 25m barrels of oil, half the size of the Tui field in Taranaki now coining it for its shareholders including New Zealand Oil and Gas.

The 25m barrels at the current $US124 a barrel would bring gross revenues of $US3.1 billion ($NZ4billion).

Castle said Widespread Energy had an 11.7 % stake in Green Gate and through it an effective 5.27% interest in the onshore portion of the permit PEP 38260 and an 11% interest in the offshore portion of the permit.

The drilling rig has been designed and built by New Zealand company NRG Drilling.

The Kate-1 well would test an anticlinal structure in the Kate Valley.

An oil seep was uncovered during geotechnical works on the flank of the anticline in 2003 and solid and gas surveys had confirmed the presence of hydrocarbons.

Castle said Gas to Grid had done four years of analysis of the data related to the area and had decided to drill.