Rawson has a shareholding of 5.94% in the new Kea Petroleum Plc. (Kea), which listed on the London AIM in February Kea is responsible for the continued funding of the New Zealand exploration programme in three permits. The first wells Wingrove 2 in PEL51153 and Beluga 1 in PEL51155 are due to be drilled in the first half of 2010.The Beluga prospect, in PEL51155, is of a size that it could contain potential resources of up to 1 trillion cubic feet (Tcf) of gas plus associated liquids. Wingrove 2 is currently is being cased as a potential oil discovery.
Canterbury Basin PEP Application 52589, Rawson Taranaki Limited 50% and operator Rawson Taranaki Limited and Zeanco (NZ) Limited (50%) have applied for a new permit in the onshore and shallow offshore region of the Canterbury Basin on the east coast of South Island. This application is now being assessed by Crown Minerals in Wellington, New Zealand.
This is part of a continuing effort by Rawson to apply for new areas of prospective acreage where it can use its geochemical and geological expertise in the early years of the exploration program.
The Canterbury Basin has a proven petroleum system, large mapped structures and a significant sub economic discovery, yet the region historically remains very lightly explored.
In the offshore during the 1970s and 1980s, both Galleon-1 and Clipper-1 contained significant hydrocarbon shows in Mid and Late Cretaceous coal measure sands. Galleon-1 flowed gas at 10 MMSCFPD with 2300 BPD condensate, considered uneconomic at the time. The onshore Canterbury Basin remains underexplored. Rawson plans an extensive soilgas geochemical program for the first part of the exploration program followed by seismic and drilling. This is part of a continuing effort by Rawson to apply for new areas of prospective acreage where it can use its geochemical and geological expertise in the early years of the exploration program.
RAW Price at posting:
15.0¢ Sentiment: Buy Disclosure: Held
