New Zealand - PEP 38264
The Petroleum Exploration Permit 38264 (PEP 38264) covers an area of 17,493 sq km (4.3 million acres) of the deep-water Canterbury Basin, offshore New Zealand. PEP 38264 is, for comparison purposes, the size of the State of Kuwait.
PEP 38264 is operated by Beach Energy Limited (ASX:BPT) and has water depths of 200-2,000 m. The Canterbury basin has an active petroleum system and exploration of PEP 38264 offers significant upside potential.
Based on the latest 3D seismic survey and the Caravel-1 well results, the partnership has mapped multiple large (up to 600 km2 closures) 4-way structural traps (AVO/EEI supported) with P-mean prospective resources of multi-billion barrels of oil equivalent. Regional studies & 3D basin modelling suggests potential for oil in addition to gas and liquids.
The Gondola and Wherry prospects are located in c. 1,350 m of water. They consist of transgressive shoreface/paralic sandstones draped over large 4-way closure complexes. Both are adjacent to thick mature pre/synrift source kitchens, providing excellent access to hydrocarbon charge. The prospects have 100-200 m shale prone seal intervals. In addition, at least 6 other leads have been mapped.
New Zealand offers highly attractive fiscal terms (among the best in the world), in a stable regulatory environment and with a transparent government.
Permit area shown in yellow and prospect outlines representing 4-way structural closures shown by the orange polygons
The joint venture is planning to drill one exploration well in 2020. Overall, the Canterbury Basin should see greater exploration activity: Mitsui & Co. and OMV Group are envisaging drilling the adjacent PEP 54863 and PEP 50119 in 2018-2020. New Zealand Oil & Gas and Beach Energy Ltd are envisaging drilling the adjacent PEP 52717 in 2018-2020, as well.
Discover Exploration: 35%
Beach Energy: 65% (operator)