100% Interest: 4,275 & 714 Acres
PEP 38748 is a highly prospective exploration acreage located in the onshore Taranaki Basin discovery fairway. In September 2010, with less than 2.5% of the Sidewinder Permit explored, TAG announced the first discovery in PEP 38748 with the Sidewinder-1 exploration well. Since then, TAG has drilled a number of successful wells, with more exploratory drilling to come.
TAG is taking advantage of the significant exploration potential that remains in both shallow and deeper targets within the Permit area, as we proceed (with great success so far) with a multi-well drilling program using proprietary 3D seismic, combined with 2D seismic that the Company acquired in fiscal 2012.
With TAG's own gas and oil infrastructure and the permit's close proximity to an existing market, combined with New Zealand's low royalties and oil and gas prices that are substantially higher than in North America, development of the Sidewinder discovery and any future discovery in PEP 38748 will be cost-effective, efficient and commercially attractive.