(Kaheru) is located in the offshore Taranaki Basin and covers an area of 311.9 km2. LME holds 15% equity in the permit and is part of a joint venture with ROC Oil (New Zealand) Limited (50% and Operator), TAG Oil (Offshore) Limited (20%) and AGL Upstream Gas (MOS) Pty Limited (15%). The permit has existing 3D seismic coverage, including coverage over the block?s primary prospect, the large Kaheru prospect, which has multiple potential reservoir targets. The reprocessing of the Kaheru 3D seismic dataset is being finalised and interpretation of preliminary data is in process. A significant extension of the permit area was awarded on the 18 February 2011 which extended the permit to the north, northeast and south by an additional 140.4 km2 and increased the area to 311.9 km2. This extension almost doubled the size of the permit and now covers the entire Kaheru structure and several additional leads.
LME Price at posting:
11.5¢ Sentiment: Hold Disclosure: Held
