1.       Onshore Taranaki Basin
                -         PEP 51151 ( Alton ) - 50% holding in the Alton Joint Venture with Mosaic Oil

    2.       Onshore Westland Basin
-         PEP 38521 (West Coast) 
-         PEP 50558 (Hohonu

    3.       Offshore Solander Basin
            -         PEP 38237 (Waitutu) 

    4.       Onshore Western Southland Basin
            -         PEP 38226 (Waiau) - 90% holding in the Waiau JV with Mighty River Power
            -         PEP 38238 (Blackmount)

We are NZ's only Oil and Gas Exploration Company with a portfolio of higher risk drill ready large conventional prospects and lower risk Coal Seam Gas opportunities.  

To date we have drilled 4 conventional oil and gas wells in the South Island and retained exploration permits with resource potentials of up 1 trillion cubic feet (tcf) of gas and 300 million barrels (mmbls) of oil.  In 2008/2009 we focused our exploration activities to explore for Coal Seam Gas in Southland and drilled 5 cored wells which all intersected gas-bearing coals. We plan to drill a further 4 wells and undertake a well flow test to determine both gas deliverability and book reserves.

New Zealand’s demand for gas, oil and power is projected to remain strong for the foreseeable future and we believe that commercialisation of discoveries in the South Island will be possible in relatively short time spans.

We continue to seek opportunities to add value for shareholders through both oil and gas exploration and corporate acquisition opportunities.