The Canterbury and Great South Basins are gas/condensate prone. I think the chances of finding a large oil play are very low. For this reason you then have the issue of higher production costs (ie pipeline, reinjection facilities if gas and liquids etc). Reticulated gas doesnt exist in the South island (bottled LPG is the only source of domestic gas) so thered be the added expense of putting in reticulation or finding some major industrial users for the gas. All a very expensive exercise and to make it economic you need a large field or fields with a reasonable life in them.
All food for thought
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