The Company’s New Zealand acreage (PEP 53806, awarded Nov 1, 2012) is located in the East Coast Basin, and covers 965 km2. The primary prospects are the Whangai and Waipawa formations, widespread, highly fractured shales that have similar characteristics to the Bakken formation in North Dakota. Numerous surface oil seeps in the basin have been typed to both the Whangai and Waipawa formations, and samples gathered were light oil, upwards of 50 API gravity. The Whangai ranges in thickness from 300-600 m, about 10 times the thickness of the Bakken formation.
Permit 53806 is located between two permits held by Tag Oil that Apache Corporation recently farmed into and committed to a 4 well drilling exploration program, estimated to commence Q1 2013. Tag/Apache’s acreage covers approximately 3700 km2. TAG Oil’s Corporate Presentation of October 2012, states the TAG/Apache Joint Venture internal estimates for OOIP on their acreage ranges from 250-500 bn bbls.
Marauder is a 50% owner of PEP 53806.
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