thoughts on recent announcements , page-23

Yes, I agree, Matuku certainly has a lot going for it. For what it’s worth, after a lot of digging around [reviewing the open file information] these are my numbers for an F Sand discovery at Matuku: likelihood of structure 95-100%, reservoir 95-100%, seal 95-100%, source kitchen 95-100%, migration path 75%. Therefore my COS [F Sand] is 0.66-0.75. The biggest uncertainty appears to be whether hydrocarbon has passed through the North Cape Shale, especially with the structure being so close to the potential kitchen. Really great news also that the JV has just been given a 7 year extension to the licence. This in exchange for committing to an additional 710km2 of 3D seismic. Basically, the whole of the eastern flank of the Kaurangi Trough looks set to undergo an intense scrutiny.